Braylon.H P.O.B Quiz

What needs to be produces is a economic question

The U.S.A is a Command economy

There is never scarcity

Food is a need

wants add comfort to life

10m people something but there are only 1m this is a basic economic problem

People with limited choices have to be smart with their money

Air is a need

market price is the point where supply and demand are opposites

Supply demand and competition determine the market price for a product or service

Producers can be consumers

Opportunity costs is the value of the next best thing

basic economic problems are the gap between limited resources and limited wants

How to produce is a economic question

producers can control the prices

Services are activities or experiences

Mixed economys combine command and market economies

Consumers buy and use goods

Market economies are controlled by the government

There are 3 economic questions

A trade off occurs when you give something and get something else

Prices decrease and demand increases

There is always a scarcity in something

Producers determine what products and services will be avaliable for sell

Capital resources help with jobs

Command economies are controlled by the people

basic economic problems are the gap between limited resources and unlimited wants

Economic systems answer the economic questions

Wants are required

Scarcity means having to many resurces

What to produce is not a economic question

When to produce is not a economic question

A trade off is when you take something and give nothing

Supply is the quantity of goods and services that businesses are willing to provide

Cars are a capital resources

Needs and wants are unlimited

Without entrepreneurs there would be fewer choices of goods and services

Needs are required

Demand is the quantity of goods or services that consumers are willing to buy

Demand increases and prices increase