BSNS Mgt. - Ch. 8

Rapid rise in prices caused by an inadequate supply of goods and services.

The change in prices of goods and services typically purchased by people in urban areas is known as the

The accumulated knowledge and skills of human beings and the total value of each person’s education & skills are called

___________ occurs when demand for the total goods and services available is less than the supply.

Desire for scarce material goods and services.

When a country’s output exceeds its population growth it will have...

Economic system in which the government controls the use of the country’s factors of production

The ability of a good or a service to satisfy a want is called

Which of the following are ways to increase the production of goods and services in order to encourage economic growth

An organized way for a country to decide how to use its productive resources is called a(n)

Building, tools, and other equipment that are used to produce other goods but do not directly satisfy human wants.

Anything provided by nature that affects the productive ability of a country.

Jax lives in a country where individuals decide what, how, and for whom goods are made. Jax lives in a country with a...

Ability of a good or a service to satisfy a want.

The body of knowledge that relates to producing and using goods and services that satisfy human wants is called...

Decline in the GDP that continues for six months or more.

The free-enterprise system, which operates in a democracy, is called...

Political-economy system in which private citizens are free to go into business for themselves

Pattern of irregular but repeated expansion and contraction of the GDP.

Factors of production include

People have...

Human effort, either physical or mental, that goes into the production of goods and services.