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Warm-Up (5/1)
Maria Billings
Created on April 30, 2023
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Transcript
Warm-Up (5/1)
start
01
Who makes decisions for the PRIVATE sector in a mixed economy?
State and local governments
The government
Individuals and businesses
Complete government ownership of resources is a characteristic in which type of economic system?
Command
Mixed
Traditional
03
What is supply?
The amount an item costs
The amount consumers are willing to buy
The amount producers are willing to sell
Why is competition good?
It increases the quality of items while lowering their cost
It encourages the selling of more items at higher prices
It determines how much profit governments make
05
If the supply of a t-shirt is high but the demand for it is low, what happens to its price?
The price will remain the same
The price will decrease
The price will increase
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