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CE.11
| Question | Answer |
|---|---|
| People have to make choices because _____. | resources are limited |
| Name four types of resources: | 1. Natural 2. Human 3. Capital 4. Entrepreneurship |
| The thing that is given up when a choice is made is called the _____. | 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 is _____. | demand |
| The amount of a good or service that producers are willing and able to sell at a certain price is _____. | supply |
| Making goods or providing services is _____. | 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 |
| The four major economic systems are: | 1. Traditional Economy 2. Free Market Economy 3. Command Economy 4. Mixed Economy |
| What characterizes a traditional economy? | Economic decisions are based on custom or tradition; People tend to do the same work that parents did |
| Private ownership of property and resources, profit, competition, consumer sovereignty, and individual choice characterizes the _____ economy. | Free Market |
| Central ownership (usually a government) of property and resources, centrally-planned (usually by the government) economy, and lack of consumer choice characterize the _____ economy. | Command |
| In which type of economic system is the government's role less than a command economy but more than a free market economy? | Mixed Economy |
| Which type of economy is the most common in the world today? | Mixed Economy |
| The United States has a _____ economy. | Mixed |
| In a mixed economy, there is both a government-owned public sector and a private sector where decisions are made by _____. | individuals and businesses |
| A form of business organization with one owner who takes all the risks and all the profits is a _____. | proprietorship |
| Are there any countries in the world today that have purely free market economies? | No, although the size and the control of the government varies widely |
| Who makes economic decisions in the United States? | individuals, businesses, and the government |
| Name the five characteristics of the United States economy. | 1. Free markets 2. Private property 3. Profit 4. Competition 5. Consumer sovereignty |
| "Free" markets are _____. | markets that operate without undue interference from the government where prices are determined by supply and demand |
| What does private property mean? | Individuals and businesses have the right to own personal property as well as the means of productions without undue interference from the government. |
| Profit consists of _____. | earnings after all expenses have been paid. |
| Why are profit and competition essential characteristics of the US economy? | Profit encourages rivalry (competition) between the producers or sellers of any particular good or service, which results in better quality goods and services at a lower price. |
| What is consumer sovereignty? | Consumers determine through their purchases what goods and services will be produced. |
| Free markets are markets that are allowed to operate without undue interference by the _____. | government |
| Free market competition results in _____. | better quality and lower priced goods and services |
| In the United States, who determines through purchases what businesses produce and sell? | Consumers |
Created by:
bres_ce
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