Economics Basics

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

In the global economy, focusing on producing one good or service well is called:

What determines price?

Resources are ONLY centrally owned. 

Consumer sovereignty is in this economy. 

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

There is a lack of choice in the marketplace.

Economic decisions are based on customs or culture

Prices fall when consumer demand falls.

Individuals and businesses are the ONLY decision makers.

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

The _____________ owns property and businesses in the private sector.

The primary motive is profit.

Prices are centrally-planned.

The _____________ owns property and businesses in the public sector. 

Fart had $60 to buy a video game or go out with his friends; he chose the video game. His opportunity cost is:

Most countries are ____________________ economies. 

The consumer has no say in the marketplace.

All resources are owned privately

Price is regulated by supply and demand.