The MINIMUM price set by the government that can be charged by for goods is called the _____

People's unlimited needs and wants due to a country's lack of resources, refers to ______ of factor of production.

_____ institution include investment bankers and insurance companie.

An increase in tax by government on product, means the cost of production will ____

___ goods like tools and equipment are used to produce goods for consumers.

When the demand for goods e.g. food and clothing and services is NOT affected by price, it is called ____

When the price affects the demand for a product, it is called demand elasticity.

When people use their abilities, skills and efforts to produce work, it is called labour.

When people use their abilities, skills and efforts to produce work, it is called labour.

The MARKET ECONOMIC SYSTEM the government decides what has to be produced.

Everything found in the natural environment, such as gold and fish are created by human beings.

Products that are bought and used by people, are called consumer goods.

When demand is more than supply, it is referred to as _____

A country uses most of its factors of production (resources) to satisfy the people's wants.

A country uses most of its factors of production (resources) to satisfy the people's wants.

ADCB and ADIB are commercial banks which form part of DEPOSITORY institutions.

Performance bonuses and holidays are used by businesses as incentives for workers to be more productive.

Cultural practices and old customs are directly linked to _____ economic system.

Using the latest TECHNOLOGICAL INNOVATION in production allows business to produce goods at a lower cost.

What to produce and FOR WHOM to produce are decided by government in a COMMAND economic system.

The price _______ is set by government MAXIMUM price set by government on certain goods and services.

An ____ is a person who starts a business by taking a risk that it might fail.