WA State - Intro to Economics

What kind of econopmic system allows for people to own most of the companies and businesses?

What is the money, tools, machines, and other products needed to make goods and services?

In 2020, the US had a gross domestic product (GDP) of $20.94 trillion.

What is the study of how individuals, businesses, and governments make choices about how to best use limited resources?

What types of payments deduct money directly from a consumer's bank account?

What is the quantity of goods or services a consumer is willing to buy at various prices?

What is the money left over after a business has paid for all of its expenses?

What is the quantity of a good or services a producer will sell at various prices?

The higher the demand is for a good or service, the higher the price will be for that good or service.

The lower the demand is for a good or service, the lower the price is for that good or service.

What measures the value of all goods and services produced by a country in a year?

What is a person that has a business idea, the capital to start a business, and the ability to keep a business running?

What type of payment allows a consumer to receive a good or service immediately and make payments at a later time?

When supply decreases, demand will _______ ?

When supply increases, demand will _______?