Economic Systems + Supply and Demand Review

Entire communities are relocated if providing services is inconvenient or the workers are needed elsewhere.

Consumer choices are regulated by the government in a

If the demand for a good drops, the price of that good will usually ____

Universal health care is provided and paid for by the government in a

The state provides for all citizens in a

Individuals own all factors of production in this type of economy.

Which type of government is most likely to legislated pollution control?

The government owns all the factors of production in a

If the price of a good is set below the equilibrium, a _____ will result

The United States has this type of economy.

The former Soviet Union and China are examples of this type of economy.

The state owns and controls no industries in a

A/An _______ in price will tend to result in increased supply.

The state owns and controls some industries in a

Gov'ts establish homeless shelters & rehabilitation programs for citizens unable or unwilling to get a home.

If retailers can't keep enough product to satisfy their customers, it could indicate that the PRICE of the product is __

The gov't ensures all communities have roads & power, even if the population is so low that doing so is unprofitable.

Individuals answer the basic economic questions in a

Prices in a free market system are set by the

What economic system emphasizes competition?

The state has the responsibility to provide social safety nets and makes some decisions about the economy in a

Canada has this type of economy.

The state owns and controls all industries in a

When prices are high, the quantity demanded will tend to be ______.

There is production by both the public sector and the private sector in a

Equilibrium price is the price at which the quantity supplied is ___ the quantity demanded.

The government runs many crown corporations in a

When demand is high and supply is low, prices tend to ____.

Those who are sick are expected to pay for their own care. If they cannot pay, they receive no treatment in a

Both the state and private individuals own factors of production in a

All factors of production are owned by the state in this type of economy.

There is production by the private sector in a

Those who are sick are provided public health care paid for by taxes in a

The government owns all resources in a

There are a very small number of crown corporations in a

Capital is provided by the public sector in a

Employment is guaranteed in a

Universal health care is provided and paid for by taxes in a

Capital is provided by the private and public sector in a

Capital is provided by the private sector in a

Consumers influence production decisions in a

Universal health care is not provided in a

Typically, no healthcare is provided by the government in a

The government provides a home and a job for every citizen in a

The government owns and runs all the corporations or businesses in a

The government regulates economic activities and provides services in a

Those who are sick are provided public health care paid for by the government in a

What economic system emphasizes cooperation?

If the market price for a good falls, producers of that good will tend to produce ___ of that good.

If the price of a good is set above the equilibrium, a _____ will result

There is production by the public sector in a

Individuals own all the factors of production in a

Which economy is likely to have more environmental regulations with regard to polluting the environment?

Government has the least important role in a

Individuals and the government answer the basic economic questions in a