CE.11 Unit Test

-Lack of consumer choice

My father was a farmer, and though I do not like farming, I will become a farmer also.

-Central ownership (usually by government) of property/resources    - Centrally-planned economy

Which term is defined as the inability to satisfy all wants and needs at the same time?

Farmers are allowed to own their farms, while factory owners own their machinery and buildings.

-Consumer sovereignty         -Individual choice

-Private ownership of property/resources         -Profit motive               -Competition

What determines who acquires goods and services?

The factory I run is mine, the products made are mine, and the money made is mine.

-Individuals and businesses are owners anddecision makers for the private sector.

-Economic decisions based on history and customs

- Most economies today, including the United States

Individuals and businesses make most decisions based on consumer preference.

Businesses will produce what consumers will buy. The consumers are in charge of decisions!

The factory I run is not mine, the products made are not mine, and the money made is not mine.

This results in better quality products at cheaper prices for American consumers.

What is determined by what consumers want to buy and the price of items?

When making a candy bar, you need items like chocolate and almonds. What are those called?

When sellers have a small supply, but demand is high, what will happen to the price?

Businesses are, within reason, allowed to operate with government interference.

-People often perform the same type of work as their parents and grandparents.

Which of the following is NOT an example of an economic incentive?

- Minimal government involvement in the economy

Julie chose to buy a Toyota Corolla instead of a Honda Civic. What term describes her action?

-Government’s role is greater than in a free market economy and less than in a command economy.

When sellers have a large supply, but demand is low, what will happen to the price?

The money taken home by a business after all the expenses and taxes have been paid.

Julie chose to buy a Toyota Corolla instead of a Honda Civic. What is her opportunity cost?

Prices are determined by supply and demand, not the federal government.

What is determined by the resources available and what consumers want to buy?