Any item that can be used to produce goods and services.

Water and air are examples of ___ resources.

In economics, the term capital goods includes

A product that is useful to customers has

When a business changes the shape of a product, it is creating ____ utility.

When products are available where they are needed, they have ____ utility.

When ownership of a product is transferred from the seller to the buyer, utility is created.

In a private enterprise system, businesses strive to supply goods and services in direct proportion to

In a private enterprise system, consumers have a variety of products from which to choose due to

In a private enterprise system, the interaction of supply and demand primarily determines

The quantity of a good or service that producers are able and willing to offer for sale at a specified price in a given period of time is

An indication of how changes in price will affect changes in the amounts demanded and supplied is known as

Even though gasoline prices increased $2.00 per gallon, Tasha continued to buy gas so that she could make her 50-mile drive to work. This is an example of what type of demand?

money businesses must pay for the goods they sell or raw materials from which they make goods to sell is an expense called

The money left after cost of merchandise is subtracted from total income is called ___ profit.

To compute net profit,- the True Profit, which of the following is subtracting from gross profit.

he rivalry between two or more businesses to attract scarce customer dollars is called

Burger King and McDonald’s are examples of

Who answers the questions in a private enterprise system?

The way in which a country solves its economic problems is

This system answers the basic economic question based on habits, beliefs, and customs.

An economic system based on government planning and decisions-making with limited consumer influence.

Means of production and distribution are owned and controlled by the government in this types of system.

Individuals and businesses own and control the means of production and distribution in this types of system?

In a communist economic system, the three basic economic questions are answered by:

What actions do consumers take that determines what will be produced in a market economy?

In economics, ____ are valued for the work they do to produce goods and services.

Building, equipment, machinery, and roads are examples of.....

Things people buy to satisfy economic wants.

Productive acts that satisfy economic wants.

Complete the phrase: Services are...

Goods and services purchased by ultimate consumer for personal use.

Goods/Services purchased by businesses for resale, use in operation of the business, or for producing goods/services.

A measure of efficiency. The amount of output per unit of input. 

The inputs that go into the production of goods. 

What are the 3 economic questions every system must answer? 

This is created when there is a gap between what is needed and resources available. 

The heart of economics is