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CE. 11 A,B,C

Economic Terms, Question,System, U.S. System

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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