SOL Review CE 11 Economics

Front

Which of the following is NOT one of the basic questions of economics? What will be produced? How will it be produced? For whom will it be produced?

Back

What will it be produced with?

Front

___________________ is the inability to satisfy all wants at the same time.

Back

Scarcity

Front

_________________ is selection of an item or action from a set of possible alternatives.

Back

Choice

Front

_______________ ______________is what is given up when a choice is made (the second best alternative).

Back

Opportunity cost

Front

_______________ is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.

Back

Production

Front

_________________ is the using of goods and services.

Back

Consumption

Front

In what type of economy are decisions based on custom and historical precedent and people often perform the same type of work as their parents and grandparents, regardless of ability or potential?

Back

Traditional economy

Front

In what type of economy is there Central ownership (usually by government) of property/resources and centrally planned economy. Also there is lack of consumer choice?

Back

Command economy

Front

In what type of economy is there private ownership of property/resources, profit motive, competition, consumer sovereignty, individual choice and minimal government involvement in the economy?

Back

Free market economy

Front

In what type of economy are individuals and businesses owners the decision makers for the private sector. The government is owner and decision maker for the public sector. The government’s role is greater than in a free market economy and less than in a command economy. Most economies today, including the United States, are mixed economies?

Back

Mixed economy