Economics review (CE 11)

Cuba, USSR, China, North Korea

name the economic system

amount of a good or service that producers are willing and able to sell at a certain price

This helps determine who acquires goods and services

Lets individuals & businesses to act as owners & decision makers for the private sector

the amount of a good or service that consumers are willing and able to buy at a certain price

central ownership of resources, centrally planned, and citizens had limited choices

In regard to consumer sovereignty, most production decisions are made

what is given up when a choice is made

People often perform the same type of work as their parents and grandparents.

what is best described?

The US is primarily a free market economy, There is some gov't involvement which makes it 

What requires that choices be made?

What is the best title for the graph?

Interaction of supply and demand determines

Consumers determine through purchases, what goods and services will be produced

combining human, natural, capital, and entrepreneurship to make a good or provide a service

Which of the following economic systems is best represented in the graphic organizer

Natural, human, capital and entrepreneurship as all types of ______________.

Selecting an item or action from a set of possible alternatives

Which term is best defined as the inability to satisfy all wants at the same time?

Which of the following are used to change economic behavior