I have Free Market, Command
Economy and Mixed Economy.
Who has profit?
I have that it consists of
earning after all expenses have
been paid.
Who has what it is called when
consumers determine through
purchases what goods and
services will be produced?
I have consumer sovereignty.
I have Free Market System.
Who Has the economic system
that is defined by private
ownership of property and
resources, profit, competition,
consumer sovereignty and
individual choice?
Who Has the type of market
that is allowed to operate
without undue interference
from the government?
I have incentives.
I Have Free Market.
Who has things that incite or
motivate?
I have scarcity.
Natural, Human, Capital and
Entrepreneurship are what?
Who has the inability to satisfy
all wants at the same time,
which require that choices be
made concerning resources?
I have resources.
Who has competition?
I Have, Who Has, CE.9
Sarah Duncan, Social Studies Instructional Specialist
Portsmouth Public Schools
I have a rivalry between
producers/sellers of a good or
service that results in better
quality goods and services at a
lower price.
Who Has the economy that is
categorized by central
ownership, centrally planned
economy and a lack of
consumer choice?
I have supply and demand.
Who Has the combining of
human, natural, capital and
entrepreneurship resources to
make goods and provide
services?
I have Choice.
Who Has the characteristics of
the United States Economy?
I have Command Economy.
Who Has the interaction that
determines price?
I Have Production.
Who Has the selecting an item
or action from a set of possible
alternatives?
I have free markets, private
property, profit, competition,
and consumer sovereignty.
Who Has the characteristics of
a mixed economy?
I Have, Who Has, CE.9
Sarah Duncan, Social Studies Instructional Specialist
Portsmouth Public Schools
I have that individuals and
businesses are decision makers
I have the using of goods and
for the private sector, a greater
services.
government role that in a free
market system and the most
Who has the amount of money
common economic system
exchanged for a good or
today.
service?
Who Has consumption?
I have Price.
Who Has what is given up when
a choice has been made—the
highest valued alternative
forgone.
I have Opportunity Cost.
Who has the three major
economic systems?
I Have, Who Has, CE.9
Sarah Duncan, Social Studies Instructional Specialist
Portsmouth Public Schools