1. Describe the word "consumption."
2. Describe the word "opportunity cost."
3. Who in our society decides what to produce?
4. What is the relationship between production and technology?
5. What do a society's values have to do with its economy?
6. What is the role of custom in a traditional economy?
7. How much individual freedom exists in a command economy?
8. What role does competition play in a market economy?
9. How do the economies of China and the U.S. differ?
10. The money left over after expenses have been met is called ___________.
11. The disadvantage of an economic choice can also be called the _________.
12. ____________ has played an increasingly important role in producing goods more cheaply.
13. The lack of sufficient resources to meet a society's needs is called ________.
14. A _________ is one in which individuals compete for customers to get the best prices they can for their goods or services.
15. In a _________, both individual citizens and government play roles in the production and distribution of goods and services.