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What is the inability to satisfy all needs and wants at the same time because all resources are limited?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
The rivalry between the different producers and sellers of a good or service is called?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
Which of the following is NOT a type of resource?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
What is given up when a choice is made?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
What is the most common economic system today?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
Chad was a herder, just like his father and grandfather. He wanted to go to college, but had to settle for the old ways. What economic system is Chad a part of?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
Which economy has only PRIVATE ownership of property and resources?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
What are the earnings a business has left after all its expenses have been paid?
Canine
An opportunity cost
Free market
Competition
Profit
Traditional Economy
Mixed Economy
scarcity
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