Economic Concepts and Systems

Supply is high, demand is low. Price will

• go up

• go down

• stay the same

What kind of economy does the U.S. have?

• traditional

• market

• mixed

• command

In a market economy price is determined by

• the government

• goods and services

• supply and demand

• the stock market

In this economy all property and resources belong to the government.

• market

• traditional

• mixed

• command

The using of goods and services

• consumption

• conservation

• competition

• scarcity

Free financing, discounts, gift with purchase are what economic concept?

• opportunity cost

• incentives

• scarcities

• consumption

What type of economy a country has is determined by

• level of government involvement

• number of consumers

• profits made by people

• voting

individuals and businesses make decisions for the private sector, government makes decisions for the public sector

• mixed

• traditional

• market

• command

I'm a rancher, my dad's a rancher, my grandfather is a rancher. What kind of economy?

• mixed

• traditional

• market

• command

Consumer sovereignty means what group decides which goods are produced?

• government

• consumers

• producers

• big wigs