| A | B |
|---|
| Name two countries that have a command economy. | Cuba and North Korea |
| Why are entrepreneurs important in a free enterprise economy? | entrepreneurs start new business |
| How do consumers exercise their power in the American economy? | deciding what to purchase |
| How are decisions made in a traditional economy | custom and tradition |
| What is a complement? | products that increase the value of other products |
| What is a substitute? | competing products that can be used in other products |
| As the price of videos decrease what happens to the quantity demanded? | increases |
| What does a demand schedule show? | listing of various quantities demand of a part, product in market |
| Be able to interpret a demand curve. | slow downward from left to right |
| What does the Law of Demand state? | More will be demanded at lower prices and less at higher |
| What is demand? | the desire and ability and willingness to buy a product |
| Flashlights and batteries would be an example of what economic concept? | complements |
| When producers offer fewer products for sale at each and every price, what happens to the supply curve? | supply curve shift to left |
| In what direction does a supply curve slope? | slope up from left to right |
| What can cause a movement in the supply curve? | change in quantity supply |
