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- 1. Multiple Choice
type of economy where products, prices, and services are determined by the market, not the government.
Free enterprise system
Consumers
Socialism
Incentives
- 2. Multiple Choice
represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Scarcity
Opportunity CostConsumers
Resources
- 3. Multiple Choice
a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
Circular flow model
Capitalism
Resources
Communism
- 4. Multiple Choice
demonstrates how money moves through society.
Incentives
Scarcity
Consumes
Circular flow model
- 5. Multiple Choice
a person who purchases goods and services for personal use.
Consumer
Socialism
Factors of production
Economic system
- 6. Multiple Choice
a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Incentives
Socialism
Capitalism
Resources
- 7. Multiple Choice
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.Scarcity
Socialism
Capitalism
Consumer
- 8. Multiple Choice
the state of being scarce or in short supply; shortage.
Incentive
Factors of production
Economic system
Scarcity
- 9. Multiple Choice
what is used in the production process to produce output
Factors of production
Economic system
Consumer
Socialism
- 10. Multiple Choice
a system of production
Economic system
Capitalism
Circular flow model
Resources
- 11. Multiple Choice
a thing that motivates or encourages one to do something.
Factors of production
Incentive
Socialism
Scarcity
- 12. Multiple Choice
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
Resources
Socialism
Opportunity cost
Producer
- 13. Multiple Choice
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Capitalism
Circular flow model
Producer
Scarcity
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