Are helpful or valuable actions often involving skill. ____________

List three (3) factors of production: ____________, ____________, and ____________

Includes natural resources. ____________

Is work that people do. ____________

Includes money and human-made goods such as machinery and buildings. ____________

The cost of what you have to give up.

Is the desire for a certain good or service.

Is the ability and willingness to produce a good or service.

Are people or businesses that make and sell goods, or services.

Are people or businesses that buy, or consume, goods or services.

Is the cost of making one more unit of the product.

Lowest acceptable level.

________ is something that encourages people to act in a certain way.

15. Is an organized social institution allowing products and consumers to trade goods and services.

The trading of goods and services for other goods and services.

The money a company has left after subtracting its costs from the money it has received from its sales.

The money earned by selling goods and services.

The act of concentrating on a limited number of goods or activities.

Companies’ profits are affected by competition, which is the struggle among producers for consumers’ money.

A general increase in price is called _______________________

A general decline in prices is called _______________________

A decline in production over six or more months in a row is known as a ________________________________

There are four types of economic systems. ___________________, ___________________, ___________________, ___________________

Is an economy in which people make economic decisions based on their group’s customs and values.

Is an economy in which individual consumers and producers make economic decisions.

27. A basic value ________________

28. Is an economy in which the central government makes all economic decisions.

Combines elements of traditional, market, and command economic systems.

This type of government aims to level the extremes of wealth between the rich and poor.

The money that people receive from the work they do or the money they save or invest.

Is a plan that shows income and expenses over a period of time.

33. Income should be equal to or greater than expenses in a ____________

34. Is a business that keeps money, makes loans, and offers other financial services.

35. Are a form of credit ____________________