Economic Basics & Market Economies Review

The tools a business uses to produce goods – machines, buildings, & vehicles.

Supply: if quantity supplied is high

Demand: If price is low

Which describes the Law of Demand?

The amount by which government spending is greater than government income.

Examples of scarcity include;

Which of the following is not a basic need?

Which best describes production?

Supply: If price is low

Demand: If demand is low

The amount of a product or services producers are willing and able to offer at different prices

A group of companies organized to benefit from the high prices they all agree to charge.

A slowdown in economic activity and production

A portion of ownership in a company.

Demand: If price is high

The amount by which the government’s income is greater than government spending.

An group of workers that seek to improve wages and working conditions and member’s rights

Which best describes Gross Domestic Product?

Which is not a factor of production?

The coin or paper bills used in an economy

Supply: if quantity supplied is low

People having unlimited wants while there are and always will be limited resources describes __

A single business with the power to control prices in a market.

An economic system provides equality among individuals and relies on a strong central govt.

What is a basic truth about all societies? Best answer.

The amount of product or service that buyers are willing and able to buy at different prices.

the price at which buyers and sellers agree to trade

The total value of all goods and services produced and sold in a country over one year.

A business that is publically owned and traded on the stock market.

Negotiations between organized workers and the business owners

The devaluing of currency and a general rise in the prices of goods and services in the economy

An economic system provides competition among individuals rather than by a strong central govt.

Which does not affect demand

Define Supply

Supply: If price is high

A person who uses or consumes goods and services to satisfy his or her wants or needs.

What is one major thing people consider when making decisions?