| A | B |
|---|
| The inability to satisfy all wants at the same time | SCARCITY |
| People have to make choices because resources are _____ . | LIMITED |
| Factors of production that are used in the production of goods and services are called ____ . | RESOURCES |
| Name four types of resources | NATURAL, HUMAN, CAPITAL, ENTREPRENEURSHIP |
| That which is given up when a choice is made is called ___ __ . | OPPORTUNITY COST |
| The amount of money exchanged for a good or service is the ____ . | PRICE |
| ____ are used to change economic behavior. | INCENTIVES |
| What determines price? | THE INTERACTION OF SUPPLY AND DEMAND |
| The amount of a good or service that consumers are willing and able to buy at a certain price | DEMAND |
| The amount of a good or service that producers are willing and able to sell at a certain price | SUPPLY |
| Making goods or providing services | PRODUCTION |
| What determines what is produced? | RESOURCES AVAILABLE AND CONSUMER PREFERENCES |
| The using of goods and services is known as - | CONSUMPTION |
| What determines what is purchased? | CONSUMER PREFERENCE AND PRICE |
| Name three major economic systems | FREE MARKET; COMMAND ECONOMY; MIXED ECONOMY |
| What makes one type of economic system different from others? | THE EXTENT OF GOVERNMENT INVOLVEMENT IN ECONOMIC DECISION MAKING |
| Characteristics of a ___ ___ economy are private ownership of property and resources; profit; competition; consumer sovereignty and individual choice. | FREE MARKET |
| Characteristics of a _____ economy are central ownership of property and resources; centrally-planned economy; lack of consumer choice | COMMAND |
| This economic system is the most common in the world today. The government plays a bigger roll than in a free market economy, but less of a role than in the command economy. | MIXED ECONOMY |
| What type of economic system is in the U.S.? | A MIXED ECONOMY |
| In a mixed economy individuals and business are the decision makers for the ____ sector, and government is decision maker in the ____ sector. | PRIVATE ------ PUBLIC |
| A form of business organization with one owner who takes all the risks and all the profits | PROPRIETORSHIP |
| Who does the economic decision-making in the U.S.? | It’s shared by INDIVIDUALS, BUSINESSES AND GOVERNMENT |
| Name five characteristics of the U.S. economy. | FREE MARKETS; PRIVATE PROPERTY; PROFIT; COMPETITION; CONSUMER SOVEREIGNTY |
| One characteristic of the U.S. economy is free markets. This means: | MARKETS ARE ALLOWED TO OPERATE WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT. |
| One characteristic of the U.S. economy is private property. This means: | INDIVIDUALS AND BUSINESSES HAVE THE RIGHT TO OWN PERSONAL PROPERTY AS WELL AS THE MEANS OF PRODUCTION WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT. |
| One characteristic of the U.S. economy is profit. Profit consists of: | EARNINGS AFTER ALL EXPENSES HAVE BEEN PAID |
| One characteristic of the U.S. economy is competition. This means - | RIVALRY BETWEEN PRODUCERS/SELLERS OF A GOOD OR SERVICE RESULTS IN BETTER QUALITY GOODS AND SERVICES AT A LOWER PRICE |
| One characteristic of the U.S. economy is consumer sovereignty.. This means: | CONSUMERS DETERMINE THROUGH PURCHASES, WHAT GOODS AND SERVICES WILL BE PRODUCED |
| Free markets are markets that are allowed to operate without ____ ___ from the government. | UNDUE INTERFERENCE |
| Competition results in: | BETTER QUALITY GOODS AND SERVICES AT A LOWER PRICE |
| In the U.S., who determines through purchases, what goods and services will be produced? | CONSUMERS |
