An economic system in which there is increased government involvement where the goal is to keep prices low and provide jobs for everyone is known as which of the following?

When describing supply and demand, which of the following defines when a product is demanded in larger quantities than is produced?

Protection for business, individuals and resources are NOT

provided by which of the following types of government departmental regulation?

Gross National Income includes all of the income earned by a country’s residents and businesses including those earned abroad.

A country possessing unique resources or capabilities to

allow the lowest cost of production for a product is known as which of the following?

Current events can impact personal financial decisions,

particularly through the stock market?

Fluctuations in economic activity over time; constitutes production rising then falling in a long cycle of expansion and contraction.

Degree to which a product or service is easy to learn about, gain information about and understand.

Degree to which a product or service is easy to purchase or pay for.

Economic problem of having unlimited human wants and necessities in a world of limited resources.

Economic system in which elements of both market and command systems can be found.

Natural resources used in the production of goods and services.

Complete ban on certain products coming in or leaving the country; usually put in place for political reasons.

Degree to which a product or service is useful or desirable due to its form (the raw materials or parts it is made of)

Imports --- Goods and services purchased from other countries.

Resources --- Materials used in producing goods or providing services; known as factors of production.

Gross National Product (GNP) --- Measurement of a country's income; includes income earned by country's residents and businesses.

Rate of Inflation --- Measure of change in the value of a currency; rate of rising prices in a country.

Recession --- Period of two or more consecutive fiscal quarters of decreasing GDP.

Imports --- Product is produced in larger quantities than is demanded.

Return --- Profit made or lost from a specific good or service; can be a positive or negative return.