BM - Ch. 8 Review (Economic Environment of Business)

Economic system in which individual buying decisions determine goods/services being produced.

A(n) ___ occurs when demand for the total goods/services available is greater than the supply.

Refers to the number of like products that will be offered for sale at a given time and price.

A decline in the GDP that continues for six months or more.

An organized way to decide how to use productive resources; decide what, how, and for whom.

The transfer of authority to provide a good or service from a government to individuals

Desire for nonmaterial things that are not scarce, such as sunshine, friendship, and happiness

The rivalry among sellers for consumers' dollars.

Land, labor, capital goods, and entrepreneurship make up the

Refers to the number of products that will be bought at a given time at a specific price point.

The study that relates to producing and using goods and services that satisfy human wants

An economic-political system which private citizens are free to go into business for themselves

Occurs when a country's output exceeds its population growth.

The desire for scarce goods and services.

Calculated by subtracting total costs of producing products from total received from customers

The ability of a good or a service to satisfy a want.