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VA SOL CE11ab12a

VA SOL CE11ab12a Economic Decision Making

QuestionAnswer
The inability to satisfy all wants at the same time SCARCITY
People have to make choices because - RESOURCES ARE LIMITED
Name four types of resources- NATURAL, HUMAN, CAPITAL, ENTREPRENEURSHIP
That which is given up when a choice is made is called OPPORTUNITY COST
The amount of money exchanged for a good or service is the ____ . PRICE
____ are used to change economic behavior. INCENTIVES
What determines price? THE INTERACTION OF SUPPLY AND DEMAND
The amount of a good or service that consumers are willing and able to buy at a certain price DEMAND
The amount of a good or service that producers are willing and able to sell at a certain price SUPPLY
Making goods or providing services PRODUCTION
What determines what is produced? RESOURCES AVAILABLE AND CONSUMER PREFERENCES
The using of goods and services is known as CONSUMPTION
What determines what is purchased? CONSUMER PREFERENCE AND PRICE
Four major economic systems are: TRADITIONAL ECONOMY FREE MARKET ECONOMY COMMAND ECONOMY MIXED ECONOMY
ECONOMIC DECISIONS ARE BASED ON CUSTOM OR TRADITION; PEOPLE TEND TO DO THE SAME WORK THAT PARENTS DID traditional economy
Private ownership of property and resources, profit, competition, consumer sovereignty and individual choice characterize this type of economy - FREE MARKET
Central ownership of property and resources, centrally- planned economy, and lack of consumer choice characterize this type of economy - COMMAND ECONOMY
In which type of economic system is the government‘s role less than in a free market economy but more than in a command economy? MIXED ECONOMY
Which is the most common type of economic system? MIXED ECONOMY
The U.S. has this type of economic system - A MIXED ECONOMY
In a mixed economy, there is both a government-owned public sector and a private sector where decisions are made by - INDIVIDUALS AND BUSINESSES
Consumers will buy more of a good or service at lower prices and less at higher prices. Law of demand
Producers will produce more when they can sell at a high price and will produce less when they can sell at a low price. Law of supply
the point where supply and demand meet. Equilibrium price
Everyone who wants to sell at that price can sell. Everyone who wants to buy at that price can buy. Equilibrium price
provide incentives for producers to make or sell more of a good or service. Higher prices for a good or service
provide incentives for producers to make or sell less of a good or service. Lower prices for a good or service
provide incentives for buyers to purchase less of that good or service Higher prices for a good or service
provide incentives for buyers to purchase more of that good or service. Lower prices for a good or service
Neither supply nor demand alone can .... set the price
The greater the amount of decision making that is left to the ___________, the closer a system is to a free market system. individual
The greater the amount of decision making that is left to a ___________ ___________, the closer the system is to a command system. centralized authority
Because of ___________ , consumers, producers, and government decision makers are forced to make choices. scarcity
True or False? The goods and services we want exceed our ability to produce them. True
Created by: Mrs. Estes