Bus MGMT Ch. 8

The total amount of money made by a company after factoring cost of production and capital.

What someone is willing to pay for a good or service.

___________ occurs when demand for goods and services is greater than the supply. This drives an increase in prices.

In the law of Supply and Demand, when supply increases and demand goes down...

The average change in prices of consumer goods and services typically purchased by people living in urban areas...

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

Items of value that individuals have the right to own, use and sell are known as

The total dollar amount of goods and services sold by a company.

The number of products that will be bought at a given time at a specific price point is called

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

In the law of Supply and Demand, when supply goes down and demand increases.

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

Economic system that uses the free market to determine what goods are produced with government oversight and regulation.

Factors of Production include...

The area of study that relates to producing and using goods and services that satisfy human wants is called

Jax lives in a country where consumer buying decisions in the marketplace determine what goods will be produced.

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

The total amount of goods and services produced within a country in a year.

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

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