Chapter 1: Economic Decisions Flashcards

1

Who sets the demand for a product?

2

The United States is a ____________ economic system (according to the book).

3

Another name for a market economy is ________________.

4

What else can affect demand for a product?

5

These are the three basic needs.

6

This is the point at which supply and demand meet.

7

The government controls all resources in this type of economic system

8

Oil is a ________________ resource.

9

This is the conflict between unlimited wants and limited resources.

10

BONUS: What's Mr. Wooderson's favorite sports team?

11

Name the three main economic resources.

Chapter 1: Economic Decisions