Economics review (CE 11)

Question 1

what is given up when a choice is made

Accepted Answer

opportunity cost

Question 2

the amount of a good or service that consumers are willing and able to buy at a certain price

Accepted Answer

demand

Question 3

Natural, human, capital and entrepreneurship as all types of ______________.

Accepted Answer

resources

Question 4

Lets individuals & businesses to act as owners & decision makers for the private sector

Accepted Answer

mixed

Question 5

central ownership of resources, centrally planned, and citizens had limited choices

Accepted Answer

command

Question 6

The US is primarily a free market economy, There is some gov't involvement which makes it

Accepted Answer

mixed economy

Question 7

People often perform the same type of work as their parents and grandparents.

Accepted Answer

tradtional

Question 8

Which term is best defined as the inability to satisfy all wants at the same time?

Accepted Answer

scarcity

Question 9

Cuba, USSR, China, North Korea

Accepted Answer

command

Question 10

name the economic system

Accepted Answer

command

Question 11

What requires that choices be made?

Accepted Answer

scarcity

Question 12

Selecting an item or action from a set of possible alternatives

Accepted Answer

choice

Question 13

what is best described?

Accepted Answer

US economy

Question 14

combining human, natural, capital, and entrepreneurship to make a good or provide a service

Accepted Answer

production

Question 15

What is the best title for the graph?

Accepted Answer

Basic Questions of Economics

Question 16

In regard to consumer sovereignty, most production decisions are made

Accepted Answer

in the private sector

Question 17

Which of the following economic systems is best represented in the graphic organizer

Accepted Answer

free market

Question 18

amount of a good or service that producers are willing and able to sell at a certain price

Accepted Answer

supply

Question 19

Which of the following are used to change economic behavior

Accepted Answer

incentives

Question 20

Interaction of supply and demand determines

Accepted Answer

price

Question 21

Consumers determine through purchases, what goods and services will be produced

Accepted Answer

consumer sovereignty

Question 22

This helps determine who acquires goods and services

Accepted Answer

price

Questions 22