Economics: Chapter 16 Study Guide Define/Identify Economics, Resource, Scarcity, Trade-off, Opportunity Cost, Producers, Supply, Surplus, Total Cost, Marginal Cost, Revenue, Benefit-Cost Analysis, Consumers, Demand, Equilibrium, Shortage, Marginal analysis. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. List and describe the 3 different economic systems. (Traditional, Market, Command) What economy best describes the U.S. Give 2 examples of fixed costs? Give 2 examples of variable costs? Why is competition in the market place a good thing for consumers? ________ price is where demand and supply are balanced. What factors affect demand on products? What factors affect supply? What are the 3 basic questions that all economic systems answer? What might a store do if it has a surplus of an item? What might a store do if they have a shortage of an item? What forces societies to make economic choices? Explain Supply and Demand?