Robinson CE: 11ab

Clare and Posy are selling fruit snacks at lunch. They sell them for $1.00 each. They have been earning $20 each week. What could the try to do to make more money?

• reduce the price

• reduce the times they stay open

• increase the price

• increase the number of times they sell the snacks instead of just at lunch

What is the opportunity cost of going to the movies?

• Value of the computer game.
• Price of the movie tickets.
• Time of buying the computer game.
• Enjoyment of seeing the movies.

_________________ results in lower prices and better quality goods and services.

• Consumer Sovereignty
• Private Property
• Profit
• Competition

Which type of economic system is a combination of privately-owned industry and government control?

• Traditional
• Mixed
• Command
• Market

Private ownership of property/resources Profit motive. Competition. Consumer sovereignty. NO government involvement in the economy.

• Free market economy
• Traditional economy
• Command economy
• Mixed economy

According to this table, what will happen if the price of a slice of pizza decreases from $2.50 to $1.00?

• Customers will not buy as much pizza.
• Profits of pizza makers will increase.
• There will not be enough pizza produced.
• The cost of producing pizzas will rise.

Individuals and businesses are owners and decision makers for the private sector. Government is owner and decision maker for the public sector. Most economies today, including the United States, have this type of economy.

• Free market economy
• Traditional economy
• Command economy
• Mixed economy

things that incite or motivate. They change economic behavior.

• Incentive
• Price
• Bribes
• Scarcity