Econ: Lesson 1

The U.S. economy is most like a

The gov. controls the crucial parts of the economy, but there is private bus. and property.

The total value of final goods and services and investments. Indicates the strength of the econ

Where the value goes up over time.

What you give up when making a choice.

All are sectors in the circular flow model EXCEPT:

Explains how money flows from one sector of the economy to another.

All are factors of production EXCEPT:

There is some gov. regulation in this economy, but most is left up to supply and demand.

When prices rise, consumers buy less. When prices fall, consumers buy more. This is the

To tax foreign goods to protect domestic businesses and domestic jobs.

There are not enough resources to satisfy all needs and wants.

The government controls all aspects of this economy including supply and demand and land use

When producers can get more money for its products, they are willing to produce more.

The rise of living costs or the decreasing value of the money over time.

To not trade with another nation in hopes that nation changes its policies.

To use resources including labor resources efficiently.

This is the _ curve.

The study of the economy as a whole such as unemployment rate, GDP, and inflation.

The study of how business and household behavior in the economy.

The already made goods that go into making other goods. A factor of production.

This is the _ curve.