Economics Review #1

A nation’s plan for answering the three economic questions is called its

Which of the following is NOT an especially important principle of the U.S. economic system?

A person who buys and uses goods & services is called a consumer.

Individuals & organizations that decide what products and services will be available for sale

The basic economic problem results from not having enough resources to satisfy needs & wants.

I am hungry

Which of the following is an economic need?

Who owns the economic resources in a market economy?

Generally, a lack of competition will result in lower prices.

The ________________ price is the point at which supply and demand are equal.

A(n) ______ is a risk taker who uses resources in a new way to create a new product or service

Things that add comfort and pleasure to your life are

Which type of economy is usually centered mainly on meeting people’s basic needs?

Things that are required to live are known as wants.

Goods

People producing goods and services are called

Activities provided for the satisfaction of others and consumed at the time of purchase are

The money left over from sales after all the costs have been paid is called

This illustrates the relationship between the price and the quantity businesses will produce.

The rivalry among businesses to sell their goods and services is known as

___________________ means not having enough resources to satisfy every need.

Communism refers to the private ownership of resources by consumers rather than the government.

Personal economic freedom is most limited in a(n)__________________ economic system.

Goods & Services are purchased by businesses, consumers and governments.

Buildings, equipment & supplies are examples of natural resources.

A(n) ____________________ economy combines elements of the command and market economies.