12.12 Economics Review

Front

What is the economy?

Back

The way goods and services are produced and consumed

Front

What motivates producers to produce and sell goods or services?

Back

Profit

Front

What is the role of consumers in the economy?

Back

Acquiring goods and services for personal use

Front

What type of economy does the United States have?

Back

Market economy

Front

What is the process of developing newer, better things called?

Back

Innovation

Front

What are the main factors that determine the cycle of ups and downs in a market economy?

Back

Supply and demand

Front

What is the benefit given up by choosing to do one thing instead of another called?

Back

Opportunity cost

Front

What happens when there is high demand but low supply in a market economy?

Back

The price goes up

Front

What is the opposite of a market economy?

Back

Command economy

Front

In a command economy, who makes the decisions about what gets produced and consumed?

Back

The government