The cost of resources is the same no matter what economic system a society uses.

The United States has many characteristics of a market economy.

Individuals who purchase products and services to satisfy needs are producers.

If a need or want is particularly important or strong, a consumer might be willing to spend more money to satisfy it.

If consumers believe there is only one product or brand that meets their needs, they will usually be willing to pay a higher price.

The law of supply states that when the price of a product is increased, less will be supplied; when the price is decreased, more will be supplied.

The point where supply and demand for a product or service is equal is called market price.

The demand curve for businesses in monopolistic competition falls somewhere between that of pure competition and monopoly.

Products that provide great satisfaction have a higher economic utility, while those providing less satisfaction have a lower utility.

The basic economic problem is

In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed.

Which of the following is NOT a characteristic of a private enterprise economy?

A relationship between the quantity of a product consumers are willing and able to purchase and the price is called

Marketers are most concerned with

If there is a very large supply of a product, consumers will usually

Which of the following factors usually would NOT influence what and how many products or services a business will produce in a market economy?

What type of situation exists in a market in which many firms compete with products that are somewhat different?

This type of economic utility results from changes in the tangible parts of a product or service.

When a business offers to sell products to customers on credit, what kind of utility is it offering to customers?

Unlimited wants and needs combined with limited resources equals

In a(n) __ economy, some goods & services are provided by the government and some by private enterprise.

The profit __ is the use of resources to obtain the greatest profit.

___ is an individual view of the worth of a product or service.

Supply is a relationship between the quantity of a product that producers are willing and able to provide and the __

All of the consumers who will purchase a particular product or service comprise an economic

Economic resources are classified as natural resources, ___, equipment and labor.

A(n) ___ is a kind of market in which one supplier offers a unique product.

Economic __ is the amount of satisfaction a consumer receives from the consumption of a particular product or service.

___ utility results from affordability of the product or service.

Which of the following is NOT one of the three basic questions that all economies must answer?

____ is an economy based on independent decisions by businesses and consumers with only a limited government role regulating those relationships.

Consumers make decisions of worth by comparing the cost of something they are considering purchasing to other available alternatives.

Which is not an important characteristic used in determining the type of economic competition that exists in a specific market?

The four types of economic utility are time, place, possession, and