CE11: ECONOMIC SYSTEMS AND VOCABULARY

Choose the best answer for the question below:

In which economic system is private ownership of property and resources essential?

When you have made your best choice, you are giving up the second choice. This is _______

In economics, the amount of good or service that sellers are willing to sell is called-

In economics, the amount of good or service that buyers are willing to buy is called -

As a result of scarcity, people, businesses and gov't must make ____ about what they want most.

Answer the question below:

In which economic system are decisions based on historical precedent?

What title best fits this picture?

Consumption is the act of ____ goods and services.

Wayne is a fisherman. The government tells him where he can fish. He decides how many to catch

What is the term for the bonus promised by the boss in the picture below?

Individual choice is an important part of a ______ economy.

The price of tomatoes in the picture is determined by:

What economic principle says there is never enough to satisfy the total of what everyone wants?

Which economic system offers a lack of consumer choice?

In which economic system is the government the owner and decision maker for the public?

As a resource, what is the ability to start a new kind of oil exploration business called?

Consumer sovereignty is an important part of _____________ economies.

As a resource, what is the drilling equipment and machinery called?

In which economic system do people often perform the same type of work as their ancestors?

Production can be defined simply as the combining of ___ to make goods and services

What gets purchased for consumption is determined mainly by consumer preferences and ___

Competition normally results in better products at  _________prices for everyone.

Does the principle of scarcity mean there are or are not enough resources for everyone? 

Answer the question below:

The crew in the picture below is drilling for oil. What type of resource is oil?

Gerre makes cheese. She decides to make cheddar cheese. The government buys her cheese.

Most economies today are considered _________, even the United States.

Competition is essential to a ___________ economy.

Matilde cuts hair. The govt tells her her hours. The govt tells her how much she can charge.

What is the term for the economic principle featured in the poster shown below?

As a resource, what is the skill and labor of the crew of the oil rig called?

When people are allowed to own and control their own property, we say that system recognizes __

Herbie builds toys. His family has always been toy makers so that is what he has to do.