Economics Basics

Price is regulated by supply and demand.

Prices are centrally-planned.

Most countries are ____________________ economies. 

The consumer has no say in the marketplace.

____________  entirely use markets to deal with the problem of scarcity. 

The _____________ owns property and businesses in the public sector. 

Resources are ONLY centrally owned. 

Prices fall when consumer demand falls.

Economic decisions are based on customs or culture

All resources are owned privately

There is a lack of choice in the marketplace. 

Individuals and businesses are the ONLY decision makers. 

Chris had $15 to buy a DVD or go to the movies, so he chose the DVD. His opportunity cost is:

The amount consumers want to buy at a given price is _______________. 

What determines price? 

The primary motive is profit. 

The amount producers want to sell at a given price is _______________. 

Consumer sovereignty is in this economy. 

The _____________ owns property and businesses in the private sector.