7th Grade Economics Review

a person who BUYS and USES goods (things)

when there is little or no economic growth; the economy is very bad

money people pay to the government; it supports the government

the type of economy in which the government decides what will be produced, and set the prices

a person who MAKES and MANUFACTURES goods

goods or services bought from another country

how much of something there is for a certain price at a certain time

Economics is the study of...

how willing consumers are to buy a good or service at a certain price at a certain time

average income per person in a country (shows how economically strong a country is)

when the economy (business activity) slows down

official money issued by a government

Literacy rate measures what percent of the population can...

Put these in order from largest area to smallest area

The type of economy in which people barter (trade) for things.

ANYTHING that you can exchange for goods/services

The type of economy in which supply and demand decide what will get produced, bought, and sold

goods or services sold to another country

materials found in nature that are useful to humans

when one business has exclusive (too much) control over a type of goods or services.