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Social Studies SOL 8th Grade > Unit 8 Test > Flashcards

Unit 8 Test Flashcards

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1
Q

All resources and goods are what?

A

Limited

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2
Q

What are the types of resources

A

Natural human capital and entrepreneur

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3
Q

Why must individuals make a choice about desire goods and services?

A

Because these goods and services are limited

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4
Q

What is the price

A

The amount of money exchanged for a good or service

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5
Q

What determines price?

A

Interaction Between supply and demand

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6
Q

What does price determine?

A

Who acquires goods and services

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7
Q

What are incentives used for

A

To change economic behavior

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8
Q

Interaction of supply and demand determines what?

A

Price

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9
Q

What is demand?

A

The amount of a good or service that consumers are willing and able to buy

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10
Q

What is supply

A

The amount of a good or service that producers are willing and able to sell

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11
Q

What two things determine what is produced

A

Resources available and customer preferences

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12
Q

What do consumers preferences and price determine?

A

What is purchased and consumed

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13
Q

What are the three basic questions of economics

A

What Will be produced
who will produce it
For whom will it be produced?

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14
Q

What are the characteristics of all major economic system

A

No Country relies exclusively on markets to deal with scarcity

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15
Q

What is the United States economy

A

Primarily a free market economy but since some government is involved it is characterized as a mixed economy

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16
Q

When does government intervene in a market economy

A

When the benefits of government policy outweigh the costs

17
Q

How do markets work in the USA

A

Markets are generally allowed to operate without undue interference of the government and prices are determined by supply and demand

18
Q

How does private property work in the USA

A

Individuals and businesses have the right to own it Without undue interference from the government

19
Q

How does profit work work in the USA

A

Profit consists of earnings after all expenses have been paid

20
Q

How does competition work in the USA

A

Rivalry usually results in better quality goods and services at lower prices

21
Q

How does consumer sovereignty work in the USA

A

Consumers determine what goods and services will be produced; Most decisions are made in the private sector government involvement is limited

Social Studies SOL 8th Grade (17 decks)

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