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VA SOL CE11ab12a
VA SOL CE11ab12a Economic Decision Making
| Question | Answer |
|---|---|
| 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
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