BE--"Economic Decisions and Systems" (Ch. 1)

Quantity of a good or service that consumers are willing and able to buy.

A consumer in a mkt. economy has the freedom to choose what to purchase and what price to pay.

Things that are required in order to live.

Things that you can see and touch.

A natural disaster (drought in CA) will impact the ____ of a product.

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

As prices go up, producers are willing to supply ___ of the product.

Point where supply and demand are equal.

Competition encourages businesses to keep prices and quality of their product low.

Value of the next-best alternative that you were not able to choose.

Things available to be used to produce goods and services.

Quantity of a good or service that businesses are willing and able to provide.

Which is NOT one of the four important principles the US economy is based on?

Economy in which resources are owned & controlled by the government.

Things that add comfort and pleasure to your life.

Lack of competition tends to drive the price of products ____.

Consumers in a free-enterprise economy "vote" with their dollars in the marketplace.

This is consumed at the same time the activity is provided.

Person who buys and uses goods and services.

What % of the US population produces the food consumed (US citizens involved with agriculture)?

Which of the following is NOT one of the basic economic questions answered by a country.

Giving up on something to have something else.

Which of the following is NOT one of the three categories known as "factors of production"?

The method a country uses to answer the three economic questions.

In most command economies the govt. determines the work people do & the education they obtain.

Economy that combines elements of the command & market economies.

Consumers demand ____ of a product at a higher price.

Unlimited wants & needs & limited economic resources is known as "the basic economic problem".

Individuals that determine what product or service will be available for sale.

Process of choosing which needs and wants will be satisfied.

In a command economy, consumers have many choices in the marketplace.

A good substitute for a product will impact the _____ for a name-brand product.

Private ownership of resources by individuals rather than by the government.

The economy of China is adopting elements of a ___ system for a number of economic decisions.

No country has unlimited resources.

Economy in which goods and services are produced the way it has always been done.

Not having enough resources to satisfy every need.

Competition encourages businesses to be creative and provide great customer service.

How are producers rewarded in a market economy?

Economy in which the resources are owned & controlled by the people of the country.