Market Economies

 What does the G  in the formula for GDP represent?  GDP = GDP = C + I + G + (X - M)

This type of economy relies on the historic success of social customs?

A good that lasts for at least three years when used regularly.

How people satisfy unlimited, competingneeds & wants with the careful use of scarce resources?

In this type of economic system the government controls all economic activity.

 What does the I in the formula for GDP represent?  GDP = C + G + I + (X - M)  

Which of the formulas is correct for calculating GDP?

Economic goods that are scarce, useful & transferable from 1person to another excludes services

 An Economy is based on consumers & their buying decisions rather than government control.

____________ is fewer resources than are needed to fill human wants and needs.

One example of a _________ economy is communism.

People have the ability to make as much money as they can and do what is in their best interest

 What does the C in the formula for GDP represent?  GDP = C + G + I + (X - M)

The United States and Singapore  are based on the concept of a ____________ economy?

The government tries to eliminate all private property and distribute its good equally.

A ________ economy combines qualities of market, command, and/or traditional systems into one.

 What does (X-M) in the formula for GDP represent?  GDP = GDP = C + I + G + (X - M)