Entrepreneurship Section 3.1 Review

The basic economic concept of scarcity occurs because

The supply curve shows that as the price of a product rises suppliers are willing toproducemore

In a market economy, all sectors of the economy are competitive

Scarcity occurs in a command economy but not in a market economy.

Scarcity occurs 

In a command economy

In a market economy, decisions about production and allocation of resources are made by the gov

The supply curve shows that the quantity produced of a product

The forces of supply and demand determine

The forces of supply and demand work together to determine price in a market economy

The demand curve shows that the quantity consumed of a product

Scarcity occurs when people's needs and wants are unlimited and the resources are limited

When there are many different suppliers producing similar goods, 

When a company controls all of a market, it has a monopoly.

The price at which the supply and demand curves intersect is the equivalent price

At equilibrium price, supply is

In a market economy, individual choice

In a market economy, goods and services are available to everyone who has the means to pay

A company that controls all of a market

The demand curve shows that as the price rises, consumers are willing to consume more