3. Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……

4. This is the combining of natural, capital human and entrepreneurship resources.

5. Give two characteristics of a TRADITIONAL ECONOMY

6. This is the amount of good or service available.

7. What are the FOUR economic systems?

8. This economic principle says we can not satisfy all our needs at the same time.

9. What are the 3 economic questions ALL societies must answer?

10. Name THREE characteristics of a FREE MARKET

11. Why do people risk their cash and resources to start a business?

12. Name two characteristics of a COMMAND ECONOMY

13. In a Free Market how much is the government involved in the private sector?

14. What type of economy is the United States? And what are some of its characteristics?

15. What is profit?

16. How is “price” determined?

17. This is what is given up when a choice is made

18. What are incentives? – and give an example of one : )

19. Why is competition good in the marketplace?

20. The factors of production used to make things are called….

21. In the United States economic decisions are made by who?

22. In a Mixed economy who controls the Private Sector?

23. This is the amount of good or service that consumers are willing to buy at a certain price

24. Joseph’s father is a cattle farmer and so was his grandfather. Joseph wants to be a computer programmer, but can’t. What kind of economy is Joseph a part of?

25. Individuals must make a __________ about what goods and services they will use because goods and services are limited.

26. What do we call the using up of goods and services?

27. What do you use to study for tomorrows quiz?