Which of the following is NOT one of the four principles of capitalism?

What is the main difference between goods and services?

Which of the following is considered an economic resource?

What is the term for the price at which the quantity supplied equals the quantity demanded?

Which of the following best describes a need?

Which type of economy is characterized by government control over resources and production?

Which of the following is an example of a service?

Which principle of capitalism allows individuals to own and control property?

What is the main goal of capitalism?

If the price of a product increases, what usually happens to the quantity demanded, all else being equal?

Which of the following scenarios best illustrates the concept of opportunity cost?

A country has limited resources but unlimited wants. What economic problem does this describe?

If a new technology makes it cheaper to produce smartphones, what is likely to happen to the supply curve for smartphones?

Which of the following is an example of a market economy?

A bakery uses flour, sugar, and workers to make bread. In economic terms, what are these items called?

Which of the following best explains why competition is important in a capitalist economy?

If a government sets a maximum price for bread below the market price, what is likely to occur?

Which of the following is a characteristic of a traditional economy?

A person chooses to spend money on a new phone instead of saving for college. What economic concept does this illustrate?

Suppose the demand for electric cars increases due to environmental concerns. What is the likely effect on the market price of electric cars?

A company decides to lower the price of its product to attract more buyers. Which economic principle is the company using?

A government increases taxes on luxury goods. What is the most likely effect on the demand for these goods?

If a country has a high unemployment rate, which economic resource is underutilized?

A business owner must decide whether to use profits to expand the business or to buy new equipment. What type of economic decision is this?

A new law requires all businesses to pay higher minimum wages. How might this affect the market price of goods and services?

A drought reduces the wheat harvest. Using supply and demand, predict what will happen to the price of bread.

A country is deciding between investing in healthcare or building new roads. How should the government use economic reasoning to make this decision?