Goods and services are purchased by businesses as well as by individuals.

Buildings, equipment, and supplies are examples of natural resources.

Communism refers to the private ownership of resources by individuals rather than by the government.

. The basic economic problem results from not having enough resources to satisfy every need.

Although all nations differ in the type and amount of economic resources they have, they all have the same economic needs.

The final step in the decision-making process is to select the best choice from among the alternatives.

All economic resources have a limited supply.

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

In every nation on Earth,

In this economic system people mainly trade goods and services with each other instead of buying things.

What is the first step in the decision-making process?

Who owns the economic resources in a market economy?

What is the final step of the decision-making process?

People producing goods and services are called

Water, air and minerals are examples of,

The rivalry among businesses to sell their goods and services is known as

Which of the following is NOT an especially important principle of the U.S. economic system?

If everybody had an unlimited supply of economic resources, which of the following would not exist?

The _____________________ curve for a product illustrates the relationship between the price of a product and the quantity businesses will produce.

38. A(n) _____________________ economy combines elements of the command and market economies.

40. _____________________ are individuals and organizations that determine what products and services will be available for sale.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

- Economic System

- No government interference

- Owners of capital are free to do as they like