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What does the expression “the customer is king” mean in a free market economy?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
What was the trade-off of the Soviet Union’s focus on heavy industry?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
Why does the government protect inventors and authors by offering them patents and copyrights?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
Why does every decision involve trade-offs?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
Why do public goods demonstrate the limitations of a free market economy?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
To improve its standard of living, a nation’s economy must
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
A news magazine carries an article about the U.S. economy. It describes how the economy grew for several years. Then it describes a long period of contraction. What is the main subject of this article?
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
At many different levels, the existence of _____ forces people to make choices.
Customers have the power to decide what gets produced.
Fewer consumer goods were produced.
grow through innovation.
the business cycle
They allow government to make some economic decisions.
scarcity
Resources are limited.
to promote innovation
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