CE.11a,b,cEconomics#2

The United States is a ______________ economy.

This type of economic system is based upon historic precedent !

If DEMAND for a product goes DOWN, the Price will go __________

This is used to change economic behavior:

If the DEMAND  for an item goes UP, what happens to the price?

The KEY factor in determining the type of economy is _______ involvement.

In which market is the government's role greater than a Free Mkt and less than a Command Mkt?

This type of economy is centrally planned by the government.

Government's role is greatest in a ____________ economy.

This term means that people have the freedom to choose what will be bought and sold.

Which is NOT a type of resource?

If your supply of product is cut, what will happen to your cost?

Individuals must consider the ____ of what is given up when making a choice.

This is what is given up when a choice is made:

_____________ is a rivalry between producers or sellers of goods.