SOL review CE11 Economics

which is not a characteristic of a traditional economic system?

• economic decisions are based on custom
• economic decisions are based upon custom
• people perform work based upon their education and abilities
• people perform work regardless of their abilities

_______ requires that choices be made.

• incentives
• scarcity
• choice
• resources

factors of production that are used to make goods and services

• scarcity
• resources
• incentives
• production

the interaction of ________ determine price

• supply and demand
• production and consumption
• scarcity and resources
• choice and opportunity cost

Most economies today, including the US are this economy

• traditional
• mixed
• free market
• command

the government role is greater than in a free market economy and less than in a command economy

• free market
• mixed
• traditional 
• command

the amount of money exchanged for a good or a service

• production
• consumption
• price
• choice

selecting an item or action from a set of possible alternatives

• opportunity cost
• price
• scarcity
• choice

the highest valued alternative

• incentives
• choice
• opportunity cost
• price

things that motivate and are used to change economic behavior

• production
• consumption
• choices
• incentives