Basic Econ

1. The law of ___ related to the amount of good produced.
4. ______ forces consumers to make choices and causes prices to increase.
9. The factors of production used to produce goods and services are called __.
11. When we make a decision from two choices, the choice lost is known as ___.
12. The ___ the supply the lower the price.
13. In a __ economy, there is a blend of private and public ownership.
14. A __ economy is centrally planned, has no consumer choice, and government ownership of resources.

2. Free markets have ___ ownership of property and resources.
3. In a traditional economy, decisions are based on custom and ___ precedent.
5. The ___ the supply the higher the price.
6. In the US government the ___ determine what is produced through their purchases.
7. In a free market economy, business owners get to keep their __.
8. The US has __ which results in higher quality goods at lower prices for the consumer.
10. The __ of good and services is called consumption.
11. In mixed and free market economies, businesses ___ the property and resources.