Chapter 13 Review

Which of the four economic sectors includes education, the government, and scientific research?

The total value of all the goods and services sold by a country is known as what?

Controlling the use of a product or service is known as what?

Fewer available resources and a lower standard of living are characteristics of . . .

Product standards, subsidies, and quotas are examples of_____ policies.

A characteristic that sets _____ apart as an economic and political system is the private ownership of businesses.

In order to help sell more domestic products, a country might charge an extra tax, or ______, on imports.

_____ is experienced when demand meets insufficient resources.

_____ includes the study of individual purchasing decisions.

When consumer demand for a product is met by the available supply, the market has reached . . .

A(n) ______ is a product or service a country sells to another country.

______ impacts pricing based on the availability of a product and the consumer desire for it.

What term is used to describe when economic growth is at its highest point?

Which of the following is not considered a factor of production?

_____ happens when multiple countries rely upon one another for goods and services.

A(n) ______ is the way in which a country uses their resources and distributes goods and services.