Market Terms/ Economic Systems/ U.S. Economy

People have to make choices because -

• PRODUCTION IS SCARCE

• RESOURCES ARE LIMITED

• RESOURCES AVAILABLE AND CONSUMER PREFERENCES

• RESOURCES AVAILABLE AND CONSUMER PREFERENCES

Name four types of resources-

• Natural

• Synthetic

• Human

• Capital

• Entrepreneurship

That which is given up when a choice is made is called ___ __ .

• Multiple Opportunities

• Scarce Chances

• Limited Resouces

• Opportunity Cost

The amount of money exchanged for a good or service is the ____ .

• Demand

• Price

• Supply

• Incentives

____ are used to change economic behavior.

• Prices

• Incentives

• Productivity

• Resources

What determines price?

• The interaction of supply and demand

• The coexistence between supply and demand

• Resource availability and consumer preferences

• Based on custom or trade

The amount of a good or service that consumers are willing and able to buy at a certain price

• Demand

• Supply

• Consumption

• Free market

The amount of a good or service that producers are willing and able to sell at a certain price

• Demand

• Supply

• Production

• Free market

Making goods or providing services

• Demand

• Supply

• Production

• Free market

What determines what is produced?

• Economic decisions are based on custom or tradition

• Consumer preferences and price

• Resources available and consumer preferences

• Supply and demand