Unit 4: Reduced

This occurs when products are made available when they are wanted by consumers.

The ban against the export or import of certain products or trade with a particular country:

This type of demand occurs when the demand for a product is NOT affected by changes in price.

This is the difference between the amount of a country's imports and exports.

When demand exceeds supply, this will occur:

A tax placed on imported products to increase the price for which they are sold.

This refers to rising prices. A low rate (1-5 percent) shows that an economy is stable.

The quantity of a product that producers are willing and able to produce at a given price:

The combination of unlimited needs and wants with limited resources results in:

This situation occurs when supply exceeds demand:

Private Enterprise, also referred to as Free Enterprise, is also known as:

The individual who takes the risk of owning and operating the business.

The Market Price is found at the point where supply and demand curves meet.

This is called the cost-of-living index, it measures the change in prices:

The high point of an economic recovery:

Money, tools, and equipment needed for production of products or services.

This is a period of economic slowdown. Unemployment begins to rise.

This is a period of prolonged and deep recession.

The employees of the business.

This is a period of economic growth and expansion.

Anything in its natural state – oil, natural gas, coal, trees.

The way a nation makes economic choices:

This term refers to the constant changes and ups and downs in economic growth:

The amount of satisfaction, or value, a consumer receives from product or service.

All economies in the world are really:

This is a period of renewed economic growth following a recession or depression.

The measure of the goods and services produced using labor and property located in a country.

A well-located drive-through window adds value to a bank's services by providing:

Based on independent decisions by businesses and consumers with limited government regulation.

The price is increased, less is demanded. When the price is decreased, more will be demanded.

Created by changes in the form or shape of a product to make it useful.

Created when ownership of a good or service is transferred from one person to another.

The quantity of a product consumers are willing and able to buy at a given price:

The government answers the three economic questions in a.