Unit 1 Review

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

When the government has a budget surplus, they will usually use the money to do what?

The amount of goods and services the average citizen can buy is known as the:

What is the term for tasks that people or machines perform for payment?

What does a nation have when it spends less than its income?

What type of resource are teachers, coal miners, bank managers, and farm workers?

A decline in the number of new homes being built has caused a decline in the amount of wood being produced from trees. This situation is an example of the:

What are the means to produce goods and services called?

What is the total amount of money a government owes?

What does gross domestic product measure?

What is a shortage of resources called?

The peak of the business cycle is also known as:

In which economic system are resources are privately owned?

Which type of economy is characterized by having some form of private enterprise and a moderate command economy?

When the quantity demanded and the quantity supplied meet, the price is called the:

List the two basic and opposing economic systems that have been developed.

What is the term for the amount of money left over after a business has paid for the cost of producing its goods and services?

What is the term for wants that are widely shared by many people?

List the 5 steps of the decision making process.

What did the stock market crash on October 29, 1929, or “Black Tuesday,” mark the beginning of?

What is an activity that seeks profit by providing goods or services to others?

What is the term for figures used to measure an economic performance?

When an economy produces more goods than people want, it has to lower prices and cut production. This is also known as:

TIE BREAKERWhat is the GDP of the United States?