BD Unit 1 Test Review

Raw materials from nature that are used to produce goods

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

Recognizing a business opportunity, testing it in the market and gathering resources to start/run a business

People who make the goods and services for which they are paid

The act of gathering and analyzing information about the needs, wants, and preferences of consumers in a certain market

Measures the number of people able and willing to work who cannot find work

The amount of money given or asked for when goods and services are bought or sold

A deep recession

A general increase in the price of goods and services

Which ONE is not a characteristic of a market economy:

All the economic resources necessary to produce a society's goods and services

The rise and fall of economic activity is the business cycle

When economic activity slows down

The money left over after a business has paid the cost of providing its goods and services

Economic system where decisions are made in the marketplace

The things used to produce goods and services such as buildings, materials, and equipment

The contest between businesses to win customers is called

Things you DO NOT have to have in order to survive are called

Resources used by the people who recognize opportunities and start businesses

Any commercial activity that seeks profit by providing goods and services to others in exchange for money is a

A rise in activity after a recession or depression

Which ONE is not a characteristic of a command economy:

A peak of economic activity

Physical products are services

The level of material comfort measured by the goods and services that are available