Economics

John goes to a shoe store to buy a new pair of sneakers, but the store has run out of the kind he likes. This is an example of

• Scarcity

• Supply and Demand

• Traditional Economy

• Opportunity Cost

Sarah decides to buy a car. She chooses to buy a used car because she thinks the lower price is worth the value of the car she is getting. This is an example of

• Opportunity cost

• Resources

• Diminish marginal returns

• Mixed economy

Select each of the kinds of resources

• Human

• Capital

• Natural

• Entrepreneurship

• National

James does the same job that his parents did before him, and their grandparents before them. This is an example of

• traditional economy

• mixed economy

• command economy

• market economy

Which economic system has minimal government involvement?

• Traditional

• Free market

• command

• mixed

Which economy system has very little consumer choice?

• Free market

• command

• mixed

• traditional

Consumer sovereignty means

• Everything is a choice

• Consumers decide what producers make

• There is no consumer choice

• The government decides what producers make

We have unlimited wants, but limited goods and services

• Scarcity

• Choice

• Opportunity Cost

• Prices

Every choice involves giving something up

• Decision

• Opportunity cost

• Exchange

• Scarcity

Combining resources to make goods or provide services

• consumption

• scarcity

• production

• judicial review