Unit 3.01-3.03 Review

Land, labor, andcapital resources which can be used to produce the goods thatpeople consume

The value added by having a product wherecustomers can buy it.  

The value added by having a product at acertain time of year or a convenient time of day.

The sum of the dollar valuefor products produced BY a country

The value added by exchanging a product formonetary value.  

The amount produced per workermeasured during a specific time period.

Supply and Demand are equal

As the price of a product increases, consumer demand for the product decreases,

The amount of goods and services that a nation’s people have.

Refers to how changes in the price of a product result in a change on the demand.

What is the number 1 illustrating in the business cycle? 

What is the number 2 illustrating in the business cycle? 

What is the number 3 illustrating in the business cycle? 

Which of these is NOT one ofthe characteristics of recession?

Incorporates the skill of people who arewilling to take the risk of starting their own business

A measure of the goods andservices produced IN a country.

Which College did I graduate from? 

What is the number 4 illustrating in the business cycle? 

What is this? 

amount of goods producers are willing and able to produce during a certain period of time.

The value added by changing raw materials orputting parts together to make them more useful. 

A base plant in Mexico, are thecars that they manufacture going to be part of the US GNP or GDP

A condition where consumers desire less goods and services than wereproduced,

What is the other name for the economic resources?

What is the inflation rate fora stable economy?