| A | B |
|---|
| Form | Satisfying wants involves four types of utility: time, place, possession, and |
| capitalism | The right to make a profit, own private property, and competition between businesses are all basic features of THIS economy |
| socialism | Economic system government that has extensive control over the allocation of some resources but little control over distribution |
| increase | When a good or service is privatized costs will decrease and efficiency will do THIS |
| Inadequate | Unfortunately EVERY country has ______________ resources to satisfy all of the wants and needs of its people |
| economic system | the way that a country decides how to use its productive resources |
| producer | anyone who creates utility by making a product |
| supply | the number of like products that will be offered for sale at a particular time at a particular price |
| CPI | A measure of the average change in prices of consumer goods and services. |
| human capital | Accumulated knowledge and skills of human beings. |
| monopoly | The existence of only one seller of a product. |
| competition | Rivalry among sellers for consumers’ dollars. |
| labor | The human effort expended to produce goods and services. |
| capital formation | The production of capital goods. |
| Demand | The number of products that will be bought at a given time at a given price. |
| privatization | occurs when a government transfers to a business its authority to provide a good or a service. |
| recession | During THIS phase of the business cycle total supply exceeds demand(surplus) |
| Rises | If a product is in short supply, THIS usually occurs with price |
| 95 | Approximately what percentage of total receipts does a business use to pay its costs |
| increased | In an increasingly technological world, the need for human capital has done THIS |
| population | A country's economic growth occurs when output exceeds THIS growth |
| production | Entrepreneurship is a factor of ___________ |
| profit | a products market price is the price at which the producer can make a reasonable |
| Pure communist | The right to own property is not a feature of THIS type of economic system |
| demand | THIS is characterized by BOTH wanting AND having the money to buy it |
| entrepreneurship | For the production of goods THIS in addition to the availability of natural resources, labor, and capital goods are needed |
| prices | ___________ rise quickly during a period of high inflation |
| capital formation | Developing nations must generally use a larger portion of their productive resources for THIS |
| market | Individual citizens own most of the factors of production in THIS type of economy |
| command | The type of economy with a central planning authority who determines what, how, and for whom goods and services are produced |
