Economic Basics & Market Economies Review

A slowdown in economic activity and production

Negotiations between organized workers and the business owners

Demand: If demand is low

The amount by which the government’s income is greater than government spending.

An economic system provides competition among individuals rather than by a strong central govt.

An group of workers that seek to improve wages and working conditions and member’s rights

The devaluing of currency and a general rise in the prices of goods and services in the economy

Which best describes production?

What is a basic truth about all societies? Best answer.

Demand: If price is high

The total value of all goods and services produced and sold in a country over one year.

A group of companies organized to benefit from the high prices they all agree to charge.

the price at which buyers and sellers agree to trade

Which is not a factor of production?

Examples of scarcity include;

Which describes the Law of Demand?

Which of the following is not a basic need?

Supply: if quantity supplied is high

A portion of ownership in a company.

The tools a business uses to produce goods – machines, buildings, & vehicles.

Supply: if quantity supplied is low

Which best describes Gross Domestic Product?

Which does not affect demand

The coin or paper bills used in an economy

Demand: If price is low

People having unlimited wants while there are and always will be limited resources describes __

A person who uses or consumes goods and services to satisfy his or her wants or needs.

Supply: If price is low

An economic system provides equality among individuals and relies on a strong central govt.

What is one major thing people consider when making decisions?

A single business with the power to control prices in a market.

The amount of product or service that buyers are willing and able to buy at different prices.

Define Supply

The amount of a product or services producers are willing and able to offer at different prices

A business that is publically owned and traded on the stock market.

Supply: If price is high

The amount by which government spending is greater than government income.