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Econ Exam Review II

Toni Johnson

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5.any human-made resource that is used to create other goods and services
8.the dollar value of all final goods and services produced within a country's borders in a given year
10.a table that lists the quantity of a good that people will buy at each price
12.a good that is sent to another country for sale
13.a bank that provides checking accounts, savings accounts, & money market accounts, and deposits time deposits
15.tendeny of supplies to offer more of a good at a higher price
17.physical objects such as clothes or shoes
19.the power of consumers to decide what gets produced
20.a good that is brought in from another country for sale
21.a region where a gorup of countries agreed to reduce or eliminate trade barriers
23.the study of how people seek to satisfy their wants and needs by making choices
25.using resources in such a way as to maximize rhw production of goods and services
26.the effort that people devote to a task for which they are paid
1.a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods
2.the method used by a society to produce and distribute goods and services
3.land, labor, and capital; the three groups of resources that are used to make all goods and services
4.economic system that combines the free market with limited government intervention
5.an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained by private individuals or corporations
6.economic system in which the central government makes all decision on the production and consuption of goods and services
7.a period of expansion followed by a period of contraction
9.a plan for the federal governments' revenues and spending for the coming year
11.the desire to own something and the ability to pay for it
12.the point at which quantity demanded and quantity supplied are equal
14.the struggle among consumers for the dollars of consumers
16.direct payment of money to eligible poor people
18.ambitious leaderr who combines land, labor, and capital to create and market new goods and services
22.something that is owed or that one is bound to pay to or perform for another
24.anything that serves as a medium of exchange, a unit of account, a store of value

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