Entrepreneurship Section 3.1 Review

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

The forces of supply and demand determine

The demand curve shows that the quantity consumed of a product

In a market economy, individual choice

The basic economic concept of scarcity occurs because

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

Scarcity occurs 

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

A company that controls all of a market

In a command economy

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

At equilibrium price, supply is

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

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

When there are many different suppliers producing similar goods, 

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

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

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

The supply curve shows that the quantity produced of a product

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