The mismatch of unlimited wants and needs and limited economic resources is THE BASIC ECONOMIC PROBLEM

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

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

_______ include tools and equipment used to produce goods and services

When there are many competitors in a market, individual businesses are not able to easily raise their prices.

Economic decision-making is the process of deciding ________.

The first step in the decision-making process is to _______

The basic economic problem results from scarcity.

Each of the following is one of the three economic questions that must be answered by all nations except:

The United States is the largest producer of goods and services in the world

In a ________ the resources are owned and controlled by the government.

________ refers to the quantity of a good or service that businesses are willing and able to provide.

Which of the following is not a principle upon which the U.S. economic system is based?

A demand curve illustrates the relationship between quantity demanded of a product and ________.

The primary reason why businesses invest resources and take risks is to ________.

The quantity of a good or service that consumers are willing and able to buy is called