Civics/Economics Review CE.11

Front

Which term below is a selection of an item or action from a set of possible alternatives?

Back

choice

Front

Which term below is what is given up when a choice is made (the second-best alternative)?

Back

opportunity cost

Front

Which term below is the using of goods and services?

Back

consumption

Front

Which term below is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services?

Back

production

Front

How do producers determine what will be produced?

Back

They pay attention to consumer preferences and available resources.

Front

Consumer _____ and ____ determine what is purchased and consumed.

Back

preference and price

Front

In a mixed economy, which sector operates like a command economy?

Back

public

Front

In a mixed economy, which sector operates like a free market economy? Options: public, private, both public and private

Back

private

Front

The key factor in determining the type of economy a country has is...

Back

the extent of government involvement in the economy.

Front

A consumer is like a king. What consumers want, businesses produce. What is the term for "consumer is king"?

Back

consumer sovereignty