Economics

3. Who determines what goods and services are produced in the market economy?
6. What is the government trying to reduce when it provides welfare?
7. Who regulates monopolies in a mixed economy?
9. What is the point where supply and demand meet to determine price?
11. What are products and services that a business provides?
13. What economic system is a mix of market and planned economies?
15. What is the reason to reduce the opportunity gap between the rich and poor?

1. _____ goods are beneficial to society but would be under-provided by a free market as there is little opportunity for sellers to make profits from providing these goods/services as they are non-excludable and non-rivalrous in consumption.
2. External benefits occur when the social benefits of an economic transaction are greater than the _____ benefits.
4. Market Failure occurs when free market activity results in a less than ____ allocation of resources from the point of view of society.
5. What is it called when demand exceeds supply, causing scarcity?
8. Who are the people or businesses that create goods and services in a market economy?
10. Producers lower output which may result in an _____ in unemployment in the industry.
12. What goods have harmful impacts on consumers/society?
14. What kind of ownership exists in both sectors of a mixed economy?