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SOL CE.12a
Civics & Economics SOL CE.12a
Question | Answer |
---|---|
What exists wherever buyers and sellers exchange goods and services? | Markets |
Markets are generally allowed to operate without undue interference from the… | government |
Who can intervene in a market when the perceived benefit outweighs the anticipated costs? | Government |
What is determined by supply and demand when buyers and sellers interact in the market? | Price |
What do individuals and businesses in the United States have the right to own? | Private Property |
What do businesses in the United States want to earn? (Hint: Earnings minus expenses) | Profit |
What is a rivalry between producers/sellers? | Competition |
What are two results of competition? | Lower Prices, Better Quality |
The power of buyers to determine what is produced through their purchases? | Consumer Sovereignty |
Government involvement in the economy in United States is… | limited |
Most economic decisions in the United States are made by individuals and business for the… | private sector |