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 command 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 there is heavy competition for a product within a category but not the same product, businesses will keep its price low.

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

The higher the price, the higher the producer’s profits.

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?

The US is a __________________

Which of the following is NOT characteristic of capitalism?

Which of the following is a consumer?

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

In which of the following situations is demand MOST likely to be reduced?

Things that add comfort and pleasure to your life.

People producing goods and services.

Things that are required in order to live.

Things that you can see and touch.

When you give up something to have something else.

Those who determine which products and services will be available for sale.

Raw materials supplied by nature.

Not having enough resources to satisfy every need.

Things that are intangible and have no physical characteristics.

Those who buy and use goods and services.

Economic resources are sometimes referred to as factors of

The process of choosing which wants, among several options, will be satisfied is called

In a(n) _________ economy, goods and services are produced the way they have always been produced.

The rivalry among businesses to sell their goods and services is called

The point at which supply and demand are equal is called the