Unit 3 Economic Principles Quiz

What is the term for supply and demand agreeing?

Capitalism requires

The U.S. has a market economy which means prices and goods are based on

When wants exceed resources, you have

When there are many buyers and sellers of the same goods, this is a/an

When price goes up, what happens to quantity demanded?

Which is NOT a key element to the supply and demand model?

Laissez-faire means

The ability to produce more product at a lower cost is called

The value of the next best alternative is

The ability to own your business is called

If I spend $30 on a shirt from Soulmates, then I can't eat out on Valentine's Day. Meal is

Evaluating the extra benefits of particular activity to see if it's worth the extra costs is

If you're good at something you should always be the one to that work.

Different ways to solve problems and make decisions are

What is required for a market economy?

The ability to produce something at a lower cost than the competition is called