The Law of Demand Answers

Read the paragraph below, and then decide which type of economy is being described.In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.What type of economy is being described?

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How does the government of a republic typically shape its economy?

Resources needed to provide goods or services are called

Private property is land or goods

In a free-enterprise system, consumers decide

Competition happens when two or more businesses

Venya and Kari own a flower shop that specializes in custom bouquets. Wanting to expand into selling potted plants, they create a production possibility chart to assess whether the potted plants are a good idea. Study their chart:

This graph shows the division of wealth in the United States in 2010.Based on this graph, how much wealth did the top 20 percent of the population hold?

Most resources are nonrenewable, and wants and needs are unlimited. This is an example of

The difference in income between the richest and poorest citizens is called

Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends and family. In the end, he decides to take the promotion.What is Ricardo’s opportunity cost?

What is prohibited in a command economy? Select two answers.the control of prices and income levelsthe rationing of manufactured goodsthe personal ownership of propertythe influence of consumer demandthe intervention of the government

In a mixed market economy, property owned by the government

Which of the following has the largest impact on opportunity cost?

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?

One of the three economic questions deals with deciding

Study the graph.In what time period did hydroelectric power usage reach its peak?

Carol has decided to advertise her custom-baked cakes in the local paper in the hopes that her sales could go towards purchasing a home.Which incentive of the free enterprise system would help Carol?

Which resource is renewable?