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CE. 11 A,B,C
Economic Terms, Question,System, U.S. System
| Question | Answer |
|---|---|
| The inability to satisfy all wants at the same time because resources and goods are limited is - | Scarcity |
| The factors of production that are used to make goods and services are - | Resources |
| A type of resource that is people working is - | Human |
| A type of resource that is machinery and money, previously made items that are used to make something else is - | Capital |
| A type of resource that is found in or on the soil, water, or air is - | Natural |
| A type of resource that the owner and manager of a company provides is - | Entrepreneurship |
| ___ is selecting an item or action from a set of possible alternatives because goods and services are limited. | Choice |
| What is given up when a choice is made, the highest valued alternative forgone. | Opportunity Cost |
| The amount of money exchanged for a good or service, interaction of supply and demand determines this, and this determines who acquires goods and services. | Price |
| These are things that motivate people to change their economic behavior they are - | Incentives |
| What is the amount of a good or service that consumers are willing and able to buy at a certain price called? | Demand |
| What is the amount of a good or service that producers are willing and able to sell at a certain price called? | Supply |
| The interaction of what determines the price of a good or service? | Supply and Demand |
| What is the combining of the four types of resources to MAKE a good or service called? | Production |
| Resources available and what determines what is produced? | Consumer Preferences |
| What is the using of goods and services called? | Consumption |
| What two things determines what is purchased and consumed? | Consumer Preferences Price |
| The key factor in determining the type of economy a country has is the extent of ___ involvement. | Government |
| What are the three basic questions of economics? | What will be produced? Who will produce it? For whom will it be produced |
| No country relies exclusively on markets to deal with the economic problem of? | Scarcity |
| In which type of economic system are decisions based on custom and history with people performing the same type of work as their parents regardless of ability or potential? | Traditional |
| In which type of economic system is there private ownership of property and resources, competition, profit, consumer sovereignty, individual choice, and minimal government involvement? | Free Market |
| In which type of economic system is there central ownership and planning of the economy by the government with little consumer choice? | Command |
| In which type of economic system are individuals and businesses the owners and decision makers in the private sector and the government is the owner and decision maker for the public sector? | Mixed |
| What is the most common economic system today including the economic system of the United States? | Mixed |
| In the U.S. economy what is generally allowed to operate with little government involvement with prices being determined by supply and demand? | Markets |
| In the U.S. individuals and businesses have the right to own what including the means of production? | Private Property |
| Land, houses, and businesses are all considered what type of private property? | Real |
| Clothing, cars, and furniture are all considered what type of private property? | Personal |
| What consists of earnings after all expenses have been paid. | Profit |
| What is the rivalry between producers and/or sellers of a good or service called? | Competition |
| What usually results in better quality goods and services at a lower price? | Competition |
| What is it called when consumers determine through purchases what goods and services will be produced? | Consumer Sovereignty |
Created by:
rvanord
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