Econ CSA Preview 2020

Wyatt went to the store to buy some candy. He could either buy candy corn or mints; Wyatt chose the mints. What is his opportunity cost?

• Mints

• Candy corn

• Time it took to shop

• He gave up nothing

What is given up when a choice is made-

• Factors of Production

• Scarcity

• Resources

• Opportunity Cost

Which picture shows an example of scarcity, or not having enough of something?

• 
• 
• 
• 

Economic system that follows history and customs; what is done in the past is done in the present-

• Free-market economy

• Mixed economy

• Command economy

• Traditional economy

Economic system that has central, or government ownership of resources

• Free-market economy

• Mixed economy

• Command economy

• Traditional economy

Economic system in which the government owns the public sector and individuals & businesses own the private sector

• Free-market economy

• Mixed economy

• Command economy

• Traditional economy

Economic system where there is alot of consumer sovereignty (buying what you want), minimal government involvement, and individual choice-

• Free-market economy

• Mixed economy

• Command economy

• Traditional economy

The United States has the most common economic system. What type of system does the US have?

• Free-market economy

• Mixed economy

• Command economy

• Traditional economy

Select all of the characteristics of the US economy:

• Profit

• Free Enterprise

• Central ownership

• Consumer sovereignty (buying what you want)

• Competition amongst businesses

The interaction of supply and demand determine-

• Quantity

• Price

• Quality

• Opportunity Cost