Economics review (CE 11)

What requires that choices be made?

In regard to consumer sovereignty, most production decisions are made

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

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

Cuba, USSR, China, North Korea

what is given up when a choice is made

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

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

This helps determine who acquires goods and services

what is best described?

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

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

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

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

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

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

name the economic system

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

Interaction of supply and demand determines

Selecting an item or action from a set of possible alternatives

Which of the following are used to change economic behavior

What is the best title for the graph?