Economic Goods and Services

The market value of all final goods and services produced in a country in a calendar year.

• labor market

• GNP

• GDP

• inflation rate

Prices are much lower this year than last year.

• recession is coming

• inflation rate is low

• company's revenue is high

• bad credit ratings

A term to describe the products and money used in the production of goods and services. It may include machines, buildings, machines, money, and anything used to make products.

• Needs

• Economic Resources

• Capital Resources

• Goods

Which of the following is an example of a service?

• A car

• A haircut

• A book

• A computer

A term to describe the people who buy and use goods and services.

• Producers

• Mixed Market

• Consumers

• Traditional Economy

• Capitalism

A term to describe the quantity of a good or service that consumers are willing and able to buy.

• Demand

• Money

• Supply

• Producers

• Consumers

If the price of gas continues to increase in America, the prices of goods and services will most likely ____________

• Decrease

• Stay the Same

• Increase

A term to describe items that you can see and touch. They are physical products that you can purchase. They can be durable (long lasting) such as cars and computers, or non-durable, such as bananas and toilet paper.

• Needs

• Economic Resources

• Capital Resources

• Goods

What is another name for the means through which goods and services are produced?

• Needs

• Economic Resources

• Capital Resources

• Goods

A term to describe the value of the alternative you did not choose. It is your second best choice when you make a decision.

• Tradeoff

• Opportunity Cost

• Natural Resources

• Services