Ce.11-12 Economics Review

Front

Interaction of supply and demand determines --

Back

price

Front

What leads to the production of higher quality goods at a lower price? Options: Scarcity, Incentives, Competition, Production

Back

Competition

Front

Consumers determine, through their purchases, the goods and services that are produced. This idea is known as --

Back

consumer sovereignty

Front

Who are the decision makers for the private sector in the U.S. economy?

Back

Individuals and businesses

Front

What is the inability to satisfy all wants at the same time?

Back

Scarcity

Front

Combining human, natural, capital, and entrepreneurial resources to make goods and services is called --

Back

production

Front

According to the scenario above, in which economy is Tim operating?

Back

Mixed economy

Front

According to the scenario above, the yard sale down the road is an example of --

Back

competition

Front

According to the scenario above, Tim's earnings after all expenses have been paid are his --

Back

profit

Front

Complete the circular flow diagram by filling in the blanks. Households provide _______ and Businesses pay _______

Back

Labor; income