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Jamie works for the government in a factory. She works every day in order to fulfill government quotas. Her family lives in a modest apartment provided by the government. Jamie is part of a
An individuals self-interest is what directs the economy.
The government sets a price ceiling on pizza that is below the equilibrium price of pizza, causing
Adam's incentive to open a new restaurant is profit. He knows that if he works hard and his restaurant is successful he will be able to earn a lot of money. Adam is
The law of supply states that as the price of a good rises, the quantity supplied decreases.
The government sets a price ceiling on cheeseburgers that is below the equilibrium price of cheeseburgers. This causes
It costs Balls-R-Us, a supplier of soccer balls, $3.00 to produce each soccer ball and $300.00 to make one hundred soccer balls. It is able to sell these soccer balls for $10.00 each. What is the marginal cost of producing soccer balls?
Jill's parents are fishermen, and ever since Jill was little she has been a fisherman. She uses little technology because she uses the fishing techniques of her ancestors. Jill often trades or barters her catch for other goods with her neighbors. Jill is a part of a
In order to demand a good, a consumer must be both __________ and ______________ to buy the good.
Major changes in a market economy tend to be
In a market economy, the decisions of what, how, and for whom are often determined by
In a communist or command economic system, who answers the three basic economic questions?
Economic decisions in a command economy are made by
Which of the following is not considered an economic and social goal of society?
The law of demand states that as the price of a good increases, the quantity demanded
Marginal cost is the cost of producing one more unit of output.
If an economy is able to keep production costs down and allocate resources efficiently the economy has achieved the goal of __________.
_________ is progress and development that results in increases of production.
In order to achieve ________, every available resource in the economy must be used in production.
Economic system developed in response to the need for _________ in societies, which deals effectively with the problem of scarcity.

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