SOL CE 11: Basics of Economics

Front

The inability to meet all wants and needs at the same time, which leads to choices needing to be made is known as?

Back

Scarcity

Front

The trip to Rome is called the what of Tom's decision?

Back

Opportunity Cost

Front

A restaurant is in the process of opening. It has to first purchase stoves, plates, utensils, and lighting. These products serve as what type of resource for the restaurant?

Back

Capital

Front

All economies have to answer three basic questions. Which of these is not one of them?
Options:
What goods and services will be produced?
Who will produce the goods and services?
For whom are the goods and services being produced?
How much will the goods and services cost?

Back

How much will the goods and services cost?

Front

What form of economy is based on profit, competition, and consumer sovereignty? The government plays little to no role in this economy.

Back

Free Market Economy

Front

What form of economy is planned and controlled centrally by the government? There is no individual choice nor any competition.

Back

Command Economy

Front

What form of economy has shared decision-making between individuals and the government? Individuals plan for the private sector, while the government plans for the public sector.

Back

Mixed Economy

Front

What form of economy is very simple and based on techniques that have been used and worked for hundreds of years? Often children have the same jobs as their parents and grandparents.

Back

Traditional Economy

Front

The type of economy that a nation has is based upon what factor?

Back

The amount the government is involved.

Front

Every economy must face the problem of...

Back

Scarcity