Economics Basics Review

The _____________ owns property and businesses in the private sector. 

Consumer sovereignty is in this economy. 

Resources are ONLY centrally owned. 

Prices fall when consumer demand falls.

Individuals and businesses are the ONLY decision makers. 

Chris had $15 to buy a DVD or go to the movies, so he chose the DVD. His opportunity cost is:

Price is regulated by supply and demand.

The consumer has no say in the marketplace.

Economic decisions are based on customs or culture

The amount consumers want to buy at a given price is _______________. 

The primary motive is profit. 

All resources are owned privately

Prices are centrally-planned.

____________  entirely use markets to deal with the problem of scarcity. 

The _____________ owns property and businesses in the public sector. 

There is a lack of choice in the marketplace. 

The amount producers want to sell at a given price is _______________. 

What determines price? 

Most countries are ____________________ economies.