___________________ is the inability to satisfy all wants at the same time.

_________________ is selection of an item or action from a set of possible alternatives.

_______________ ______________is what is given up when a choice is made (the second best alternative).

In what type of economy are decisions based on custom and historical precedent and people often perform the same type of work as their parents and grandparents, regardless of ability or potential.

In what type of economy is there Central ownership (usually by government) of property/resources and centrally planned economy. Also there is lack of consumer choice

In what type of economy is there private ownership of property/resources , profit motive, competition, consumer sovereignty, individual choice and minimal government involvement in the economy.

The interaction of ______________ and ___________ determines price?

A person who starts up and takes on the risk of a business

Which person would most likely be considered an entrepreneur?

Identify what risks entrepreneurs may have to take to turn a profit

There are four types of economic systems. Most economies are _____.

"Households receive money (payments) for the labor." Which label on the circular flow best describes this?

The Empire wants to control all of resources and make all of economic decisions for the galaxy. What type of economy does The Empire believe in?

Luke Skywalker lives with his Uncle Owen and Aunt Beru on a moisture farm. Everyone in Uncle Owen’s family has always been a moisture farmer. What type of economy does this represent?

Han Solo and Chewbacca are smugglers who try to avoid all kinds of government involvement. They own resources and make decisions for themselves. What type of economy do Han and Chewie support?

There is a high supply of Jar Jar Binks action figures at the toy store, but a low demand for them. How does this affect the price of his action figures?

There is a low supply, but high demand for quality bounty hunters like Boba Fett. How does this affect the prices Boba Fett can charge for his services?

Luke Skywalker must decide between finishing his training with Yoda or going to help his friends. Against Yoda’s wishes, Luke decides to help his friends. What is his opportunity cost?

Han Solo needs money to pay a gambling debt. He runs an advertisement that says, “Droids ride free on the Millennium Falcon with a paying customer.” What is Han Solo offering to his customers?

Wal-Mart only offers yellow Storm Trooper outfits for Halloween. Customers are very upset and no one buys them. Next year, Wal-Mart brings back the traditional white outfits to the delight of customers. What is the power of the buyer to influence economic decisions called?

A restaurant is in the process of opening. It has to first purchase stoves, plates, utensils, and lighting. These products serve as what type of resource for the restaurant?

Resources are factors of production that are used in the production of goods and services. Select all THREE examples of resources.

Which term below is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services?

Which term below is the using of goods and services?

How do producers determine what will be produced?

How does a financial institution encourage savings?

Which action best completes the graphic?

The picture shows how financial institutions act as intermediaries between savers and borrowers by -

The buying and selling of goods and services by all nations in a worldwide market is called -

What is one way to lower the cost of production?

Dan has $5,000. He wants to invest his money in the type of business that has the least amount of risk. In which type of business should he invest?

Which type of business organization can act as one legal entity regardless of its number of owners?

Some of the profits a business makes are often used to buy more -

In the U.S. economy, what do businesses buy from consumers?

True or False: Consumer sovereignty means consumers determine through purchases what goods and services will be produced.

The U.S. economy is a __________ economy.

Who uses tax revenue to provide public goods and services?

The use of technology can help lower the cost of production.

Financial institutions help with the transfer of money between ______.

What are the two main jobs of private financial institutions?

Which type of private financial institution is created for members and is non-profit?

Vans, Netflix and Youtube are examples of.....

What kind of advancements create new jobs in the workplace?

A way of visualizing and categorizing activity within an economy that shows the continuous flow goods, services, resources, and money

What best describes an entrepreneur?

Business organization with one owner who takes all the risks and all the profits.