Ramsey Classroom Chapter 13 Questions and Answers 100% Pass

Ramsey Classroom Chapter 13 Questions and Answers 100% Pass Economics is a study of consumer ______. choices Every country has a unique ______ that includes its leadership, the way it makes decisions, and how the country's citizens buy stuff. Economic system The U.S is mostly a free market What you choose to __________ has a(n) ___________ on the economies of other countries. Buy; impact Economic interdependence ____________ Describes how many countries and companies around the world depend upon each other A ____________ economy is built on primary industries such as fishing and farming, and it generally has very little waste and very little surplus. traditional Equilibrium is.... When the market supply and demand match each other, resulting in price stability The buying and selling of various goods and services is called ____________. Trade _____________ is the science of the whole economy, while _____________ is the study of people, individual businesses, or markets. Macroeconomics; microeconomics You can depend on the people in power to either make you wealthy or make you poor. False Supply and demand helps us understand how the _________ of a particular product and the _________ for it affect the price of the item. Availability; desire A product that's sold to the global market is called _________ while a product that's bought from another country is called ___________. An export; an import Which factor of production refers to the man-made objects like tools, machinery, buildings, and equipment needed for production? Capital Socialism is an example of a _________ economy where the __________ is/are at the center. Command; government __________ is the desire to make a profit, and it isn't greedy. It keeps businesses in ___________. Profit motive; business Wind, water, and solar energy are examples of _____________. Renewable resources The series of steps it takes to produce a product