Trybus ITB Ch 1 Review

A nation's plan for answering the three economic questions is _____

Demand is.....

A service is _______, and it is ________ at the same time it is produced

The principle of the US economy that states people make their own decisions and accept the consequences is ________

Which of these is an economic resource?

The price where quantity supplied and quantity demanded are equal is ______

_______ is the value of the next best alternative you're giving up when making a decision

When demand is high price decreases

A _____ is when you give up something to have something else

What is the basic economic problem?

A command economy has _______ government involvement, while a market economy has ________ government involvement

Pick the best answer. A _______ is something that you can see and touch, and it satisfies consumer wants and needs.

Supply is....

Which of the following is not one of the three economic questions?

True or false, consumers set the demand of a good or service.

Economic decision making is done by

When supply is high, price increases

Wants and needs are ______, while economic resources are _______.

When demand is low, price decreases

The rivalry among businesses to sell their goods/services is known as __________

True or false, a want is something that is necessary to live

Which of these is NOT an example of an economic system