CH 1 Understanding EC System & Business

Measurement of a country's output of goods & services people can buy with the money they have is called what?

Unemployment type that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy.

The 5th newest Factor of Production is?

Services are tangible offerings.

Inflation's higher prices reduces purchasing power.

Internal Environment includes factors all EXCEPT?

Which Economic System provides no worker incentive?

Very high taxation, income redistribution, and basic industries owned by government describes a Mixed Economy system.

Policy the Feds can use by taxation and spending to impact our economy.