SOL 11

John owns a shoe store. At the end of the month he decides what to do with his profits.

Which of these factors might cause the price of an item to go down?

Which economic system are decisions based on history and precedent?

Which economic system is the most common today and found in the United States?

What you must give up when you chose one thing over another is called -

Earnings - Expenses = ________________

Who makes the decisions for the private sector in a mixed economy?

Mike has $10. He wants a CD and a shirt. He buys a CD. What is the shirt in the example?

Scarcity refers to -

In the United States, markets can operate without undue interference from the government.

Which is not a benefit of competition?

The consumer is the most important decision make in which economic system?

Which economic system does the government or central authority make the decisions?

What does the interaction of supply and demand decide?

A store restocks it shelves of a popular item because people keep buying it. This is called

A discount is a form of

The amount of a product available is called

Combining resources to make something is called

The amount of ________________ determines the economic system of a country.

When supply is high and demand is low, the price of an item will be -