The economy of the United States is

largely based on choices made by producers and consumers

Every society must make all the following basic economic decisions EXCEPT

how people can share goods and services

largely based on choices made by the government

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What is an Economy?

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factors of production and economies

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Questions 17

Answers

1
In a market economy, economic choices are NOT affected by
bargaining
competition
central planning
profit seeking
2
The want-satisfaction chain
ends when consumers' wants are fulfilled
happens over and over again
ends when goods and services are produced
begins when goods and services are distributed
3
anything that is saved to be used to produce other goods or services is
capital
consumption
profit
factors of production
4
The economy of the United States is
not based on choices
able to meet all the wants and needs of its people
largely based on choices made by producers and consumers
largely based on choices made by the government
5
Every society must make all the following basic economic decisions EXCEPT
how to produce goods and services
who will get goods and services
what goods and services to produce
how people can share goods and services
6
Capital includes
soil, minerals, and water
time and energy
knowledge and skills
tools and factories
7
Most economic systems of the world today are
command economy
traditional economy
market economy
mixed economy
8
A command economy is
largely based on choices made by the government
not based on choices
able to meet all the wants of its people
largely based on choices made by producers and consumers
9
The profit motive influences choices most strongly in
a command economy
a mixed economy
a traditional economy
a free market economy
10
Buying or using goods and services is
consumption
economy
government
profit
11
Human economic wants
are easily met
are the same in all countries
never change
differ from person to person
12
Economic decisions are made by the government.
traditional economy
market economy
command economy
mixed economy
13
The resources people have for producing goods and services are called
consumption
profit
factors of production
capital
14
Economic decisions are based on long-held beliefs and customs.
mixed economy
market economy
traditional economy
command economy
15
What are 3 factors of production?
capitalism, communism, monarchy
land, labor, capital
mixed, market, command
judicial, legislative, executive
16
The benefit given up when resources are used for one purpose instead of another is
opportunity cost
scarcity
consumption
profit
17
In every society, decisions about who receives goods and services are primarily influenced by
society's goals and values
long-term planning
a sense of fairness
historical conflicts

What is an Economy? Flashcards | StudBud