Introduction to Business Chapters 1-3

What are the means to produce goods and services called?

The price when the quantity of supply meets the quantity of demand

A system in which economic decisions are made in the marketplace according to supply & demand

Unemployment statistics are an important indicator of economic activity.

What is a shortage of resources called?

What are raw materials found in nature called?

Private wants are wants shared by many people and satisfied by governments.

A system in which a central authority makes key economic decisions

Natural resources become factors of production when we use them to produce goods.

What are limited resources called?

What are most public wants satisfied by?

What does downsizing cause?

Goods can be physically weighed or measured, but services cannot.

What is the term for figures used to measure an economic performance?

What does Gross Domestic Product measure?

What type of resource are teachers, coal miners, bank managers, and farm workers?

What must business provide to consumers in order to satisfy their wants and needs?

What is an activity that seeks profit by providing goods or services to others?

What does a nation have when it spends less than its income?

The shortage of goods and services is called

Which is a want that government cannot satisfy?

What is the term for tasks that people or machines perform for payment?

What is the total amount of money a government owes?

The economy of many countries is based on natural resources.

A combination of a command and a market economy