Which of the following is an economic need?
Water
Concert tickets
A loaded SUV
A new TV
Who own the resources in a market economy?
The business people
The government
The tribal leaders
The people of the country
Which type of economy is centered around meeting people's basic needs?
Market
Command
Traditional
Mixed
Which of the following situations will probably cause the price of a product to drop?
A snack food is very popular & only one company produces it
Many companies begin producing fidget spinners
Half of the world's diamond mines shut down production
A big snowstorm is approaching with a few shovels in stock
A(n)______________is a risk taker who uses resources in a new way to create a new product or service.
Entreprenuer
When you make an economic choice, the _____________is the value of the next best alternative that you did not choose.
Opportunity Cost
The money left over from sales after all of the costs of operating the business have been paid is called_________________.
Profit
