Unit 1-Ecomonics

In a market economy, when the price is too high demand

The rise and fall of economic activity over time

Businesses stay successful by doing all of the following EXCEPT

The government controls all decisions regarding businesses and resources in a ______ economy

All of the following are services EXCEPT

If demand for a businesses product decreases they might

Economic activity slows down during the

People who makes goods and services for which they are paid

The result of a government spending more on programs than it collects in taxes

The main reason we want to satisfy the wants and needs of the customer is...

This is good for the customer.

In a market economy, producers set a price that

A deep recession that affects the entire economy and lasts for several years

All of the following are goods EXCEPT

Amount or quantity of goods and services that consumers are willing to buy at various prices

Competition causes businesses to

Businesses supply goods and services

A shortage of resources is called

The Federal Reserve is a government agency that guides the economy by

When demand exceeds supply this occurs

Inflation is

The amount of goods and services that producers will provide at various prices

Man made things used to produce goods and services,

All of the following are factors of production EXCEPT

The total value of the goods and services produced in a country in a given year