Products and money used in the production of goods and services are called natural resources.

The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.

The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.

The United States could best be characterized as a market economy.

The right of private property means you can own, use, or dispose of things of value.

In a market economy, buying decisions are made by consumers.

If many consumers want a particular service, its price will probably go up.

All of the following is a need EXCEPT

The means through which goods and services are produced are called

All of the following is a capital resource EXCEPT

The value of the next-best alternative that you did not choose is called

When a country decides to focus on advanced technology and a skilled labor force, it is primarily answering which of the basic economic questions?

Personal economic freedom is most limited in a

Which of the following is NOT characteristic of capitalism?

Which of the following is a consumer?

An example of a natural resource is

What is not having enough resources to satisfy every need

The first step in the decision making process involves

The last step in the decision making process is

The point where the supply curve and demand curve intersect is called?

What is the quantity of a good or service that businesses are willing and able to provide?

Both individuals and organizations can be produces.

The main reason businesses sell a product or service is..

Which of the following addresses the economic question of how to produce?