Business Essentials Unit 1 Test Review

Where supply and demand meet determines

GDP is

Two market forces that work together to determine price are

Things that add comfort to our lives but are NOT necessary

Rivalry among businesses to sell their goods and services

Economic system where the gov't makes decisions about what and how much is to be produced

Tools, equipment, and money used in producing goods and services

Another name used to refer to money in business

A benefit of competition is

What is the effect of dollar votes by consumers?

Things we use everyday that we can see and touch

Profit is

Buyers and sellers come together to trade goods and services

The means through which we produce goods and services

The process of choosing among several wants which will be satisfied

A cashier at Taco Bell is a

An increase in the general level of prices is

Which is NOT a stage of the business cycle

The national debt is

Conflict between unlimited wants and limited resources

People who are willing and able to work but can't find a job

Private enterprise, freedom of choice and dollar vote are all characteristics of which type of economy?