Basic Economics

the total value of all goods and services produced in a country

resource that cannot be replaced

______ uses market indicators to evaluate the status of the economy

Where the supply curve and demand curve meet

Another name for a market economy

means that there is never enough of everything to satisfy everyone completely

To help control trade, governments use

Every choice you make comes at a cost

Economist are mostly interested in money

Business people in most societies follow particular social rules and customs called

exists when the quantity supplied is greater than the demand

Which country has one of the freest markets in the world

Developing countries benefit very little from globalization

people who purchase and use goods and services

Canada and most Western European countries have market economies

quantity of goods and services consumers are willing to buy at a specific price & specific time

the next best choice that you give up in order to do something else

A business has no competition, it controls the market

What is one of the most important principles of Economics

made when the money a company makes with its sales is greater than its expenses