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CE.11a-c Economics Flashcards (revised 9/10)

AB
CE.11a - The inability to satisfy all wants at the same timeSCARCITY
CE.11a – People have to make choices because resources are _____ .LIMITED
CE.11a - Factors of production that are used in the production of goods and services are called ____ .RESOURCES
CE.11a - Name four types of resourcesNATURAL, HUMAN, CAPITAL, ENTREPRENEURSHIP
CE.11a - That which is given up when a choice is made is called ___ __ .OPPORTUNITY COST
CE.11a - The amount of money exchanged for a good or service is the ____ .PRICE
CE.11a - ____ are used to change economic behavior.INCENTIVES
CE.11a - What determines price?THE INTERACTION OF SUPPLY AND DEMAND
CE.11a - The amount of a good or service that consumers are willing and able to buy at a certain priceDEMAND
CE.11a - The amount of a good or service that producers are willing and able to sell at a certain priceSUPPLY
CE.11a - Making goods or providing servicesPRODUCTION
CE.11a – What determines what is produced?RESOURCES AVAILABLE AND CONSUMER PREFERENCES
CE.11a – The using of goods and services is known as -CONSUMPTION
CE.11a - What determines what is purchased?CONSUMER PREFERENCE AND PRICE
CE.11b – Name four major economic systemsTRADITIONAL ECONOMY; FREE MARKET; COMMAND ECONOMY; MIXED ECONOMY
CE.11b – What makes one type of economic system different from others?THE EXTENT OF GOVERNMENT INVOLVEMENT IN ECONOMIC DECISION MAKING
CE.11b - Characteristics of a ___ ___ economy are private ownership of property and resources; profit; competition; consumer sovereignty and individual choice.FREE MARKET
CE.11b - Characteristics of a _____ economy are central ownership of property and resources; centrally-planned economy; lack of consumer choiceCOMMAND
CE.11b - 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
CE.11b - What type of economic system is in the U.S.?A MIXED ECONOMY
CE.11b - In a mixed economy individuals and business are the decision makers for the ____ sector, and government is decision maker in the ____ sector.PRIVATE ------ PUBLIC
CE.11b - A form of business organization with one owner who takes all the risks and all the profitsPROPRIETORSHIP
CE.11c – Who does the economic decision-making in the U.S.?It’s shared by INDIVIDUALS, BUSINESSES AND GOVERNMENT
CE.11c – Name five characteristics of the U.S. economy.FREE MARKETS; PRIVATE PROPERTY; PROFIT; COMPETITION; CONSUMER SOVEREIGNTY
CE.11c – One characteristic of the U.S. economy is free markets. This means:MARKETS ARE ALLOWED TO OPERATE WITHOUT UNDUE INTERFERENCE FROM THE GOVERNMENT.
CE.11c – 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.
CE.11c – One characteristic of the U.S. economy is profit. Profit consists of:EARNINGS AFTER ALL EXPENSES HAVE BEEN PAID
CE.11c – 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
CE.11c – One characteristic of the U.S. economy is consumer sovereignty.. This means:CONSUMERS DETERMINE THROUGH PURCHASES, WHAT GOODS AND SERVICES WILL BE PRODUCED
CE.11c – Free markets are markets that are allowed to operate without ____ ___ from the government.UNDUE INTERFERENCE
CE.11c – Competition results in:BETTER QUALITY GOODS AND SERVICES AT A LOWER PRICE
CE.11c – In the U.S., who determines through purchases, what goods and services will be produced?CONSUMERS

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