econ 3.4

What does competition lead to?

• Innovation
• Resources
• Economy

Who is someone who acquires goods and services for his or her own personal use?

• producer
• consumer
• market economy

Who is someone who makes goods or offers services to others?

• Consumer
• Producer
• Government

What is it called when producers battle over who can make the most profit?

• Innovation
• Scarcity
• Competition

What is the limited amount of resources available?

• opportunity cost
• innovation
• scarcity

What is the financial gain received by selling something for more than it cost to make it?

• competition
• consumer
• profit

In which economy do producers decide what to make based on consumer demand?

• market economy
• command economy
• traditional economy

The United States has which type of economy?

• command economy
• market economy
• traditional economy

What does this curve represent?

• demand
• supply
• equilibrium
• shortage

What does this curve represent?

• supply
• equilibrium
• demand
• surplus