Economics Study Guide

The amount of money the government owes is called

The rise and fall of economic activity over time is the...

Goods can be physically weighed or measured, but services cannot.

An example of a private want is....

Teachers, Farmers, and Managers would be considered...

What does Gross Domestic Product Measure?

An increase in the cost of goods and services is known as....

What does a nation have when it spends less than its income?

Producers providing goods and services that people want is based on

Inflation reduces the purchasing power of money.

Private wants are wants shared by many people and satisfied by governments

What are the means to produce goods and services called?

System where economic decisions are made according to supply and demand

What is an activity that seeks profit by providing goods or services to others?

What does downsizing cause?

Public wants would consist of....

A command economy is a system in which a central authority such as a state, control the economy

What are raw materials found in nature called?

The economy of many countries is based on natural resources

What figures are used to measure economic performance?

Which is a want that government cannot satisfy?

Anything you can use to make or obtain what you want or need is a.....

The contest between businesses to win customers is called

A shortage of resources is called...

The United States has a very low GDP compared to other countries.