| A | B |
|---|
| Scarcity | means not having enough resources to satisfy every need |
| Capitalism, Free Enterprise | Another name for the economic system in the United States |
| Tradition | What is NOT an especially important principle of the U.S. economic system? |
| Traditional Economy | The type of economy that is usually centered mainly on meeting people’s basic needs? |
| Producers | are individuals and organizations that determine what products and services will be available for sale. |
| Mixed Economy | This economy combines elements of the command and market economies. |
| True | All economic resources have a limited supply |
| Many companies begin producing a product in relatively high demand | Which of the following scenarios will probably cause prices to drop? |
| businesses will be willing to supply larger quantities of the product. | Generally, as the price of a product increases, |
| Economic System | A nation’s plan for answering the three economic questions is called its |
| Water | What is an economic need |
| Services | Intangible things that you purchase are referred to as |
