CE 12a

Front

What type of economy does the United States have?

Back

mixed

Front

Which is a characteristic of a mixed economy?

Back

there is some government involvement

Front

What determines the price (cost) of an item?

Back

the amount of the item, and how much people will pay for it

Front

What is price?

Back

The amount of money something costs (to pay for it)

Front

What is supply?

Back

the amount of an item that is available

Front

What is demand?

Back

The amount of a product or service that will be purchased by buyers at all possible prices.

Front

What is "profit?"

Back

Money you make in your business

Front

What is competition in economics?

Back

businesses trying to sell the same types of products (goods or services) and complete for the consumers business

Front

What is "private property?"

Back

when people own their own houses and businesses

Front

Which situation is most likely to lead to the lowest prices? Options: There is only one producer making the good., Businesses secretly agree to share their profits., Competition between businesses is prohibited., Several producers compete to sell goods to the public.

Back

Several producers compete to sell goods to the public.