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Unit 05 (4a-6a)

White 04 - Unit 5 (4a-6a)

QuestionAnswer
What are the Three Basic Questions of Economics? For whom will it be produced? How will it be produced? What will be produced?
What is the key factor in determining the type of economy a country has? Government Involvement
Individuals in the United States can start a business and earn a__________. HINT: Earnings minus Expenses Profit
What are two benefits of competition between producers or sellers in the U.S.? Lower Prices and Better Quality
What is it called when buyers have the power to influence what is produced through their purchases? Consumer sovereignty
Ella runs a lemonade stand. She sells $50 worth of lemonade and spends $20 on lemons and cups. What is the remaining $30? Profit
Two pizza restaurants lower prices and improve service to attract more customers. What is this an example of? Competition
A bakery adds more donuts with Fruity Pebbles because customers ask for them and buy them often. What is this showing? Consumer sovereignty
Created by: Warren_Fisher
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