Final

5. Answers what, how, and for whom in a command economy.
7. When you work, you participate in the ___ market.
10. Direction when there is a decrease in supply.
11. Total market value of all final goods and services produced within a country during a 12-month period.
12. Economic problem faced by all societies.
13. A fax machine is an example of ___ capital

1. Under this system everybody knows what their role is.
2. Economics studies the ___ people make.
3. One goes up, the other goes down.
4. System in which government owns and controls some, but not all, productive resources.
6. A ___ monopoly avoids the duplication of costly infrastructure.
8. Small number of large firms with significant barriers to entry.
9. Change in price is less than the change in quantity demanded.