Chapter 8

Items of value that individuals can own, use, and sell.

The production of capital goods.

The desire for scarce material goods and services.

System that uses aspects of a market economy and aspects of a command economy.

A political-economic system that encourages private ownership and for profit businesses.

Rivalry among sellers for consumer dollars.

Transfer of authority to own a good or service from the government to individuals.

System in which consumers decide what, how, and for whom goods and services will be produced.

Equipment that is used to produce other goods but does not satisfy human wants.

Desires for nonmaterial things that are not scarce.

Anything provided by nature that afffects the productive ability of a country.

A pattern of irregular but repeated expeansion and contraction of the GDP?

A measure of the average price change in goods and services.

Economic system in which a central authority controls most of the factors of production.

Human effort, either mental of physical that goes into the production of goods and services.

A long and severe drop in the GDP.

Accumulated knowkedge and skills of human beings.

Goods and services that satisy people's economic wants directly.

Extreme socialism, in which all the factors of production are conrolled by the government.

A rapid rise in prices caused by an inadaquate supply of goods and services.

The number of products that will be bought at a given price at a given time.

Land, labor, capital goods and management.