Chapters 1-3

Question 0

Services

Answer 0

Tasks that people or machines perform

Question 1

Goods

Answer 1

Can be physically weighed or measured

Question 2

Private wants

Answer 2

Things that only specific people want

Question 3

Public wants

Answer 3

Widely shared wants

Question 4

Needs

Answer 4

Necessary wants

Question 5

Business

Answer 5

An activity that seeks profit by providing goods and services to others

Question 6

Resource

Answer 6

Anything that people can use to make or obtain what they need or want

Question 7

Profit

Answer 7

Amount o money left over after a business has paid for the cost of producing its goods and services

Question 8

Competition

Answer 8

Contest between businesses to win customers

Question 9

Consumer

Answer 9

A person who selects, purchases, uses, or disposes of goods or services

Question 10

What three government types satisfy public wants?

Answer 10

Local, state, and federal

Question 11

What must businesses provide to consumers in order to satisfy their wants and needs?

Answer 11

Goods and services

Question 12

Scarcity

Answer 12

Shortage of resources

Question 13

Natural resources

Answer 13

Raw materials found in nature

Question 14

Nonrenewable resources

Answer 14

Limited natural resources

Question 15

Factors of production

Answer 15

All the components necessary to produce a society’s goods and services

Question 16

Human resources

Answer 16

Knowledge, effort, and skills people bring to their work

Question 17

Entrepreneurial resources

Answer 17

Meet the changing wants and needs of people

Question 18

Capital resources

Answer 18

Things used to produce goods and services

Question 19

Supply

Answer 19

Amount of goods and services that producers will provide at various prices

Question 20

Demand

Answer 20

Amount or quantity of goods and services that consumers are willing to buy at various prices

Question 21

Equilibrium price

Answer 21

When the quantity demanded and the quantity supplied meet

Question 22

Market economy

Answer 22

Economic decisions are made in the marketplace according to the laws of supply and demand

Question 23

Mixed economy

Answer 23

Combination of market and command economies

Question 24

Command economy

Answer 24

Central authority makes the key economic decisions

Question 25

Economics

Answer 25

Studies show how society chooses to use resources to produce and distribute good and services for people's consumption

Question 26

What are the means to produce goods and services called?

Answer 26

Factors of production

Question 27

Two examples of human resources

Answer 27

Teacher Coal miners Construction worker

Question 28

What does a society need to produce goods and services?

Answer 28

Capital resources

Question 29

Give two examples of public wants

Answer 29

Highways | Drinking water

Question 30

What is the economy of many countries based on?

Answer 30

Natural resources

Question 31

Inflation

Answer 31

A general increase in the cost of goods and services

Question 32

Business cycle

Answer 32

Rise and fall of economic activity over time

Question 33

Budget deficit

Answer 33

Government spends more on programs than it collects in taxes, difference in amount

Question 34

Unemployment rate

Answer 34

Measures the number of people who are able to work but don't have a job

Question 35

Prosperity

Answer 35

Peak of economic activity

Question 36

Economic indicators

Answer 36

Figures used to to measure economic performance

Question 37

Gross domestic product (GDP)

Answer 37

Measures the total value of the goods and services produced in a country in a given year

Question 38

National debt

Answer 38

Total amount of money a government owes

Question 39

Budget surplus

Answer 39

When a government's revenue exceeds its expenditures during a one year period

Question 40

What reduces the spending power I money?

Answer 40

Inflation

Question 41

What does gross domestic product measure?

Answer 41

Measures the value of goods and services produced in a country during a given year

Question 42

What does downsizing cause?

Answer 42

When new tech can replace workers or requires new skills thousands of workers can become laid off

Question 43

Draw the business cycle. Label phases. Describe in detail the phases.

Answer 43

Recession Depression Prosperity Recovery