Civics SOL Review CE12a US Economy

Who has the right to own private property as well as the means of production in the US.

• Government

• Individuals & Businesses

In the U.S. Economy prices are determined by _________ ________as buyers and sellers interact in the marketplace.

• production
• supply and demand
• supply
• demand

These are your earnings after all expenses have been paid.

Income-Expenses =

• Scarcity
• Competition
• Profit
• Choice

The rivalry between the Samsung Galaxy and the iPhone has resulted in better quality phones as well as innovative technology.

• Competition
• Profit
• Consumer Sovereignty
• Price

Name the characteristic. Markets are allowed to operate without undue interference from the government.

• private property
• free markets
• profit
• individual choice

Name the characteristic. Individuals and businesses have the right to own real and personal property and resources without government interference.

• free markets
• private property
• profit
• competition

Name the characteristic. Consists of earnings after all expenses have been paid.

• free markets
• competition
• profit
• consumer sovereignty

Name the characteristic. Rivalry between producers/sellers of a good or service for the sale of goods and services.

• free markets
• profit
• competition
• consumer sovereignty

Name the characteristic.  Consumers determine through purchases, what goods and services will be produced.

• free markets
• profit
• competition
• consumer sovereignty