Chapter 3 Vocab Words

Within the circular flow, when businesses are given money they give (blank) to households

When total revenue is greater than total costs you have a

The economic relationships that exist between different economic groups in an economy is called

A(n) (blank) is defined by how a society answers the three economic questions

An economic unit of one person or more that sells resources and buys goods and services

A capitalistic or market economy can also be called

An example of an excludable good would be

Any good that is owned by an individual or a business is called

What is not one of the five features of the free enterprise system?

What economic activities flow from households to businesses?

When two or more people agree upon doing something they enter into a(n)

A public good that individuals cannot be excluded (physically prohibitied) from consuming is a

An externality exists when

What economic activities flow from businesses to households?

Any good that is owned by the government is