economic flow warmup

A market exists whenever buyers and sellers...

• buy goods and services.

• sell goods and services.

• exchange goods and services.

Soil, minerals, air, water, and coal are all examples of

• Natural Resources

• Human Resources

• Capital Resources

• Entrepreneurship Resources

Sal was given a choice between a truck and a car. Sal chose the truck because he was planning to go 4-wheeling over the summer. The car represents which economic principle?

• Opportunity cost

• Supply

• Demand

• Resources & Choice

One economic system deals with people performing the same type of work as their parents and grandparents. This is a _______________economy.

• Traditional

• Command

• Free Market

• Mixed

Different countries have different economic systems. You need to know about how many economic systems?

• 1

• 2

• 3

• 4

While on vacation, Adam went to the store and found that there was only one brand of chips, hot dogs, bread, and milk. Adam is most likely visiting a country that is exercising which type of economy?

• Free Market

• Mixed

• Traditional

• Command

The U.S. economy is a __________ economy.

• Traditional

• Free Market

• Command

• Mixed

Who am I?

1)This is the point where supply and demand meet. 2)Everyone who wants to sell at that price can sell. 3)Everyone who wants to buy at that price can buy

• The Price of Equal Supply and Demand

• Best Price

• Right Price

• Equilibrium Price

____ is the amount of a good or service that producers are willing and able to sell at each possible price during a given time period.

• supply

• demand

• price

• competition

____ is the amount of a good or service that consumers are willing and able to buy at different prices during a given time period.

• supply

• demand

• price

• competition