Unit 1 Review

4. Price The price at which supply and demand are equal or nearly equal.
6. A system that combines aspects of both capitalism and socialism.
8. Cost Represents benefits missed out when choosing one alternative over another.
10. the percentage of people actively looking for work but unable to find jobs
14. A consumer's desire to purchase goods and willingness to pay a specific price.
15. consumers spend more, businesses grow, and job opportunities increase.
18. System that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions.
19. the total value of goods and services a country produces
20. Curve Graph showing how a change in price affects the quantity a seller supplies.
21. the lowest point before the economy begins to recover again.

1. The tools, machines, and buildings used to make goods and services
2. Total amount of a given product or service offered to consumers at a given period and price level.
3. Something that is in short supply.
5. factor of production-Includes all natural resources used to produce goods and services
6. The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
7. Part of economics concerned with single factors and the effects of individual decisions.
9. Curve Graphical representation of relationship between price of a good and the quantity demanded.
11. the economy is at its strongest point, but inflation may start to rise.
12. A system where supply and demand direct the production of goods and services, not controlled by central authority.
13. A system in which a central government makes all economic decisions.
16. people may spend less, businesses may cut back on hiring, and wages can stagnate
17. The human effort (physical and mental) put into producing goods and services
18. vision, skill, and risk-taking of people who bring the other three factors together to create