Euting-Economics Final Exam Prep

The desire to have some good or service and the ability to pay for it. 

_______ results from unlimited human wants and limited resources. 

Occurs when a government spends more than it collects in revenue for a specific budget year.

Keynesian economics forms the basis of ______ ______ fiscal policy. 

Persons who make goods or provide services are called laborers. 

In times of recession, Keynes desired _______ action to stimulate aggregate demand. 

__________ states that when the price of a good or service falls, consumers buy more of it. 

Capital is all the human time, effort, and talent that go into the making of products. 

A ________ is a mandatory payment to a local, state, or national government. 

An economic system that has elements of traditional, command, and market economies. 

The goods and services a society chooses to produce depend on the ________ it possesses. 

The factors of production include land, ______, capital, and entrepreneurship. 

Stagflation is a period of slow economic growth with high unemployment and inflation. 

This is the market value of all final goods and services produced within a nation. 

__________ are persons who buy goods or services for personal use. 

C+I+G+X is the formula that economists use to calculate GDP. 

The Second World War of the 1930s changed many people's minds about the role of the government.

Supply and demand establishes the price that best serves both producers and consumers. 

An economic system in which the government owns some or all of the factors of production. 

Includes all federal, state, and local government expenditures on goods and services:

Takes into account the goods and services produced in the U.S. but sold in foreign countries. 

Services are physical objects that can be purchased, such as food, clothing, and furniture.