The basic economic problem is

If you decide to purchase a digital copy of your favorite movie instead of a pair of jeans, the value of the jeans is the

The basic economic problem results from

The means through which goods and services are produced are called

All of the following are capital resources EXCEPT

Economic resources are sometimes referred to as

Things that are intangible and have no physical characteristics.

A video game is an example of a product that fulfills a need.

Competition is another name for a traditional economic system.

Competition forces businesses to search for new ways to satisfy customers' wants and needs.

The market price for a product is the point where demand exceeds supply.

Economists predict future changes in the economy.

An important principle of the U.S. economic system is

If freezing weather damages orange crops in Florida

In which economic system are resources owned and controlled by the people of the country?

In which economic system does the government decide what and how goods are produced?

In which economic system do workers often use hand tools and readily available natural resources?

Which economic system is often adopted by countries as they become more developed?

In which economic system do consumers base their own self-interest?

_________ include tools and equipment used to produce goods and services.

When many more people wish to purchase a product, its price will tend to _____>

When there are many competitors in a market, individual businesses are not able to easily raise their prices.

Economic decisions making is the process of choosing

The first step in the decision-making process is to

In a market economy, a marketplace is always a physical location where economic transactions take place.

An entrepreneur is an economic resource.

Each of the following is one of the three economic questions that must be answered by all nations except

In a ______ the resources are owned and controlled by the government.

Market price is determined by all of the following except

The United States is the largest producer of goods and services in the world.

Most nations of the world can be classified as having a

____ refers to the quantity of a good or service that businesses are willing and able to provide.

Which of the following is not a principle upon which the U.S. economic system is based?

A demand curve illustrates the relationship between the quantity demanded of a product and

The primary reason why businesses invest resources and take risks is to

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

Which of the following is an example of a service?