Economics Test

is the study of how resources are managed in the

production, exchange, and use of goods and services.

is the place or atmosphere in which goods or services are sold or exchanged.

is anyone who makes goods or provides a service.

is anyone who buys goods or services.

refers to the amount of a product or service that producers have to sell.

refers to the amount of a product or service that consumers want to purchase.

is when a resource is in limited or short supply.

Economy where business owners

compete in the market with little government interference.

the total value of the goods

and services that a country produces each year.

is expanding trade and communications around the world. It helps open new markets and keeps prices low for consumers.