Pre-Assessment ECON

 traditions, customs, and beliefs shape the goods and the products the society creates

 country's trade and industry are controlled by private owners for profit

A company that has a larger demand than supplyis said to have a __________ of goods.

The total market value of all the goods andservices produced by a nation during a specific time

Who benefits the most from competition?

If there is less supply, which of the following would you expect to be the immediate response?

A company that has a larger supply than demandis said to have a __________ of goods.

the group ownership of property and group labor for the common advantage of all members.