PBMF Unit 1 TEST REVIEW

The place where supply and demand meet is also called the ____________________. 

A business that grows products or takes raw materials from nature is considered a/an ________. 

When people who want to work are working & businesses produce goods/services in record numbers.

a type of economy where the people own and control all the resources

Value of the next best alternative that you were not able to choose (what you had to give up)

situation where exceeds spending exceeds revenue

Things that are important to you in life

goods & services not necessary for survival, but add comfort & pleasure to our lives

The quantity of a good or service that consumers are willing to buy.

They change natural materials into more finished form for manufacturers to process further.

a general decline in the stock market over a period of time

A measure of how well people in a country live is called the _________________________. 

a peak in stock market with increasing investor confidence & a growing economy

an increase in the general price level

An economic system that does things the way they have always been done

The total value of all final goods/services produced in a country in one year

rivalry among businesses to sell their goods & services

The amount of money available to businesses after all costs/expenses have been paid.

People who own stock in a corporation are called _________________. (hint: may be more than 1)

The tools, equipment, buildings, and money used to produce goods and services