Economics Basics

The type of economy where people do the same job as their parents and grandparents

If the demand for a product goes down, the price of that product is most likely to

The type of economy where there is a public sector and a private sector

You are thirsty, but the store is completely sold out of drinks. This is an example of:

Which of the following is an example of a public or government-run business?

This is the term for what is given up when you choose to buy something else.

Doctors, teachers, and mechanics are examples of which type of resource?

The term for when consumers want a certain product

The type of economy that is most common in the world today

Which of the following would be an example of an incentive?

The type of economy where the government controls everything in the economy

The type of economy with competition and minimal government involvement

The United States has which type of economy?

A building, stove, and freezer are examples of: