Ch. 14 Basics of Economics

At the farmers market, most strawberries were selling for....

• 3.00

• 2.25

• 3.75

The Earth relies on a steady flow of...

• soil

• water

• resources

The two main exchanges in the economy are for goods and....

• wages

• property

• resources

The entire American is based off a ____ exchange.

• vertical

• horizontal

• circular

___ is the payment for the use of capital.

• taxes

• interest

• tolls

On the income side of a market economy, individuals provide....

• Physical Flow

• Monetary Flow

• Spending Flow

___ is the amount of a product or service buyers are willing to buy.

• availability

• supply

• demand

When the price is high, more producers are willing to supply the product.

• True

• False

At market price, supply and cost are...

• lesser

• greater

• equal

Demand can be influenced by...

• price

• necessity

• both