Standard CE. 11a and CE. 11b.: How Economic Decisions are Made in the Marketplace

The point where supply and demand meet.

Combining human, natural, capital, and entrepreneurial resources to make goods and services is called---

Property and resources are owned by individuals, and there is minimal government involvement.

Consumers determine, through their purchases, the goods, and services that are produced. This idea is known as---

Centrally planned economy and lack of consumer choice.

What type of resource is pictured here?

Decisions are based on custom and historical precedent.

Consumers will buy more of a good or service at lower prices and less at higher prices.

In which economy do people often perform the same type of work as their parents, regardless of ability or potential?

What is the inability to satisfy?

Who are the decision-makers for the private sector in the U.S. economy?

According to the table below, what will happen if the price for a cookie decreases from $2.00 to $1.00?

The interaction of supply and demand determines---

Producers will produce more when they can sell at a high price and produce less to sell at a low price.

Individuals and businesses are the decision-makers for the private sector. The govt. decides for the public sector.

What leads to the production of higher quality goods at a lower price?