NMS-Economics Review 2020-2021

What is having more of a good than you need to survive called?

Which two economic systems give people the most control over economic decisions?

The amount of an item that a store has available to sell

Banks, clinics, beauty shops, and trains are part of which industry level?

What is the total dollar value of all goods & services produced by a country in 1 year?

What is the amount of a product that people want to purchase called?

What would scarcity of a resource do to the price of that resource and goods made from it?

Which level of industry involves making a good out of a natural resource?

What is material pulled from the earth that is used to make other goods?

An economic system that has competition and little government involvement

Which economic system relies on traditions, customs, and the barter system

A person who starts a business and is willing to accept the risk of loss or profit.

Which Factor of Production does the building, machines, and chairs fall under?

An economic system in which the government makes all economic decisions

Which level of industry consists of providing data through research and surveys?