PRINBMF Ch 3 & 2

What is not one of the main economic roles?

• Consumer
• Worker
• Citizen
• Artist

Means the quantity of a product or service that consumers are willing and able to buy at a particular price.

• Supply
• Demand
• Competition
• Consumer

The quantity of a product or service that businesses are willing and able to provide and a particular price.

• Supply
• Demand
• Competition
• Equilibrium

The site which the supply curve intersects the demand curve.

• Supply
• Public Goods
• Competition
• Equilibrium

The way you live measured by the kinds and quality of goods and services you can afford.

• Productivity
• Public Goods
• Standard of Living
• Equilibrium

The quality of a good that an average worker can produce in an hour

• Productivity
• Public Goods
• Standard of Living
• Equilibrium

Something needed by a community and provided by its government

• Productivity
• Public Goods
• Standard of Living
• Equilibrium

All activities involved in developing and exchanging products

• Business
• Capitalism
• Competition
• Traditional Economy

An economic system where the economic resources are privately owned by individuals rather than the government

• Business
• Capitalism
• Competition
• Traditional Economy

Actions taken by two or more businesses attempting to attract the same customers

• Business
• Capitalism
• Competition
• Traditional Economy