Government owns most or all of the market and controls the economy in a ___________________ ____________________ _________________ (3 words)

(a)  

The difference between cost and income is called (a)   .

What is the exclusive possession or control of the supply or trade in a commodity or service called?

(a)  

If there is high demand and low supply, then what should happen to prices?

(a)  

Rivalry between produces/sellers of a good or service result in better quality goods and services at a lower price. This is called:

(a)  

The inability to satisfy all wants at the same time. All resources and goods are limited. What word goes with this definition

(a)  

Every country must develop an _______________ ________________to determine how to use its limited productive resources.

(a)  

is the amount of a product or service that people want and are willing to pay for

(a)  

(a)   are methods used to encourage people to take certain actions.

____________________ _________________ is the benefit you give up by choosing to do one thing instead of another

(a)  

The _______________ _________________ describes the shifting of the economy from good times to bad and then back to good times again?

(a)  

Money paid each year to the state and federal government based on how much money you make is called ___________________ __________.

(a)  

The amount of money you are charged for taking out a loan or using a credit card; usually a percentage of the balance is called what?

(a)  

Monetary value of all final goods and services produced within a country’s borders in a year is called ____________ _____________ _______________.

(a)