Standard 5 What do you remember?

The quantity of a good or service that consumers will buy varies inversely with the price.

The point at which the quantity buyers want to buy = the quantity that sellers want to sell

The organized way a nation provides for the needs and wants of its people is called?

In which phase of the business cycle does a country have very high unemployment and inflation?

Supply of a good/service will increase when the demand is great & fall when the demand is low.

The process of starting and running a business is called?

Which of the following is NOT one of the five economic utilities.

What is the physical development of a country referred to as?

The different ways customers can pay for an item is related to which utility?

Which of the following is not one of the 4 factors of production?

In which economic system does the government make all the economic decisions?

The quantity of a good or service offered for sale varies directly with price.

The output of goods and services produced by labor and property within a country is known as?

Which is not one of the three questions a nation must ask when deciding how to use resources?

Measures change in price over time for over 400 products/services used by households