PBM Final Exam Review

4. an economic system in which individuals own and operate the majority or businesses
8. is an example of a command economy
10. the type of resources that include data that tells managers how effectively the other resources are being used
12. a high point in the business cycle where there is economy is at its strongest
16. an economy that exhibits elements of capitalism and socialism
17. the quantity of a product that buyers are willing to purchase at various prices
18. the activity that organizes land and natural resources, labor and capital
19. (two words)the recurrence of periods of growth and recession in a nations economic activity
20. the time and effort used to produce goods and services
21. The money, facilities, equipment, and machines used in operations
23. the type of resource that includes money required to pay employees and for purchase of materials

1. two or more consecutive three-month periods of decline in a country's GDP
2. the money that a business keeps after deducting expenses from sales revenue
3. the money that a business pays out due to operational costs
5. (two words) the price of any product at which the quantity demanded is exactly equal to the quantity supplied
6. a more severe recession that lasts longer than a typical recession
7. an economic system in which businesses and individuals decide what to produce and buy
8. an economic system in which the government decides what good and services will be produced
9. the type of resources used in manufacturing processes as well as buildings and machinery
11. the quantity of a product that producers are willing to sell at various prices
13. a low point in the business cycle where there is minimal economic activity
14. the money that a business takes in through sales
15. the type of resources that furnish their labor to the business in return for wages
22. elements used in the production process to make products