Economics Vocabulary and Concepts-CE 11&12ab

Government runs the show.

100% of my 1/2 block not only wants to see Adele but will see her when she comes to town

In a mixed economy, gov't involvement is greater that free market and less than in a command.

Aaliyah, Ivy, and Jillian opened up a beauty salon.

James wants to know how much that twinkie costs.

Everyone who passes their SOL test will receive a 100, a pat on the back and chocolate.

All of the following are characteristics of a market economy except:

Darrick took the risk and opened up a clothing store.

Economic decisions are based on customs and historical precedent

Wyatt buys spongebob squarepants pjs instead of a One Direction CD.  What represents the CD?

resources, good/services, and money flow among houses, businesses, and the government

The US is a command economy.

process of hiring employees, buying equipment, etc in order to start my business

There is a complete lack of consumer choice in this economy.

What does the interaction between supply and demand decide?

Lina has to select whether she wants to go to college or work.

My husband will be unable to purchase everything on  my wishlist  because we can't afford it?

Most economies today are what kind of economies?

capital resource that Zac Hughes will need when he opens up his paper football gameroom?

My husband needs tractors for his business which are what type of resource?

Characteristic of US economy

There is VERY little government involvement in this economy.

amount of goods and services consumers are willing and able to buy

Government is owner/decision maker for public sector. Individuals are for the private sector.

rivalry between producers and sellers of a good or service

Noah wants a car.  What do you call the amount of money he will have to spend?

Colin has a high supply of lemonade at his stand and demand is low, the price will

I plan on eating an entire container of Ben and Jerry's ice cream tonight by myself.

factors of production that are used to produce goods and services