CE.11a,b,cEconomics#2

This type of economic system is based upon historic precedent !

This term means that people have the freedom to choose what will be bought and sold.

Which is NOT a type of resource?

If DEMAND for a product goes DOWN, the Price will go __________

The United States is a ______________ economy.

In which market is the government's role greater than a Free Mkt and less than a Command Mkt?

This type of economy is centrally planned by the government.

Individuals must consider the ____ of what is given up when making a choice.

Government's role is greatest in a ____________ economy.

_____________ is a rivalry between producers or sellers of goods.

This is used to change economic behavior:

The KEY factor in determining the type of economy is _______ involvement.

If the DEMAND  for an item goes UP, what happens to the price?

If your supply of product is cut, what will happen to your cost?

This is what is given up when a choice is made: