mid term

What is the combination of policies, laws, and choices made by its government to establish the systems that determine what goods and services are produced and how they are allocated?

• a nations economic system

• microenomics

• equilibrium

1. What part of economics is the study of households, businesses, and industries.

 

• microenomics

• equilibrium

• demand

1. What is the quantity of a good or service that people are willing to buy at various prices.

• demand

• supply

1. What is the quantity of a good or service that businesses will make available at various prices.

• supply

• demand

1. At what point does the quantity demanded equals the quantity supplied.

• equiliberum

• capital goods

• economic growth

An increase in a nation’s output of goods and services is

• economic growth

• supply

• growth

1. There is generally a direct relationship between risk and profit/loss: the greater the ___________, the greater the potential for profit or loss.

The level of economic activity is constantly changing. These upward and downward changes are called _____ ______.

1. A decline in GDP that lasts for two consecutive quarters (each a three-month period) is called a _________.

1. What is it called when a company's costs are greater than its revenues?

• loss

• gain

• profit