Basic Economic Principles, Competition, & Factors of Production Quiz

When faced with scarcity, consumers need to

Lori paid the ___________________ of $179.99 for her new Nike shoes

A primary characteristic that determines the type of economy a country has is the

In this type of economy the government decides the role everyone will play

A farmer has been raising chickens & pigs on her farm. She decides to stop raising chickens & focus on pigs. This is a

What is consumer sovereignty?

Gia makes $60 a week & loves to read. The bookstore raised the $ on books. Gia probs bought

Which type of economy's environment determines what choices the people make?

Which type of economy has resources handed out based on inheritance?

In this economy the government serves to protect both producers and consumers from unfair policies and practices

Choose the best answer that completes the web: Types of Resources

Kelly decided to go ice skating with her friends instead of having dinner with her grandparents.

Scarcity means that

Which is a good example of an entrepreneur?

Marisol bought the black shirt over the red shirt. What is her opportunity cost?

In this type of economy the government does not intervene much.

Netflix and Hulu are in _________________ to sell more streaming service plans.

Which type of economy has a lack of consumer choice and central ownership of resources?

What determines price?

All of the following are examples of consumption except

Which of the following is an economic incentive?

What is not a result of competition?

Most countries in the world have which type of economy?

What is used to produce goods and services?

The combining of human, natural, capital, & entrepreneurship resources to make good/services is

For Cindy's cupcake business the baking equipment, employees, flour, and chocolate are known as

Producers = Supply where as ____________ =demand