SOL review CE11 Economics

Front

Which is not a characteristic of a traditional economic system? Options: economic decisions are based on custom, economic decisions are based upon custom, people perform work based upon their education and abilities, people perform work regardless of their abilities

Back

people perform work based upon their education and abilities

Front

_______ requires that choices be made.

Back

scarcity

Front

factors of production that are used to make goods and services

Back

resources

Front

the interaction of ________ determine price

Back

supply and demand

Front

Most economies today, including the US are this economy: traditional, mixed, free market, command

Back

mixed

Front

The government role is greater than in a free market economy and less than in a command economy. What type of economy is this?

Back

mixed

Front

the amount of money exchanged for a good or a service

Back

price

Front

selecting an item or action from a set of possible alternatives

Back

choice

Front

the highest valued alternative

Back

opportunity cost

Front

things that motivate and are used to change economic behavior

Back

incentives