Economic Systems & U.S. Economy

The tools (machinery) needed to produce goods and services are called __________.

• capital resources

• gross income

• entrepreneurship

• tax revenue

Markets are generally allowed to operate without undue interference from the government. Prices are determined by supply and demand as buyers and sellers interact in the marketplace. Which characteristic of the United States economy is being described above?

• Private property

• Free enterprise

• Consumer sovereignty

• Competition

The combining of resources to make goods or provide services --

• choices

• geriatric

• resources

• production

Which economic factor has most likely determined the price in the picture?

• Capital

• Demand

• Scarcity

• Consumption

Tristan goes to the corner store with $3 to spend and has to choose between chips or a drink. He decides not to buy a Gatorade because he would rather have a bag of chips instead. In this scenario, a Gatorade would be considered Tristan's --

• incentive

• choice

• method replenishing electrolytes

• opportunity cost

Profit consists of ________ after all expenses have been paid.

• private property

• earnings

• losses

• competition

A government that owns, controls, and makes economic decisions for the public sector is a characteristic of which type of economy?

• capital

• traditional

• mixed

• free market

What economic concept is illustrated in these drawings?

• Consumer sovereignty

• Profit margin

• Opportunity cost

• Central planning

Available resources and consumer preferences determine what is --

• limited

• regulated

• produced

• recorded

Most economies today, including the United States, are --

• struggling with inflation

• traditional economies

• mixed economies

• centrally planned economies