Economics Test 2023

_____________________ determines the prices of goods in a market economy?

Government owns most or all of the market and controls the economy in a ___________________ ____________________ _________________ (3 words)

The difference between cost and income is called _______________.

What is the exclusive possession or control of the supply or trade in a commodity or service called?

If there is high demand and low supply, then what should happen to prices?

Rivalry between produces/sellers of a good or service result in better quality goods and services at a lower price. This is called:

The inability to satisfy all wants at the same time. All resources and goods are limited. What word goes with this definition

Every country must develop an _______________ ________________to determine how to use its limited productive resources.

is the amount of a product or service that people want and are willing to pay for

__________________ are methods used to encourage people to take certain actions.