Chapter 1 Vocab

2. the maker structure that exists when there are very few businesses selling a product
7. the condition in which a nation spends more than it takes in from taxes
9. the condition in which a percentage of the population wants to work but is unable to find jobs
10. a decline in production, employment, and income.
13. a condition characterized by a continuing rise in prices
14. an economic system in which individuals own and operate the majority of businesses that provide goods and services
15. the study of how resources and distributed for the production of goods and services withen a
16. system how a particular society distributes its resources to produce goods and service
17. the number of goods and service that consumers are willing to buy at different prices at a specific time

1. government owns and operates basic industries, postal service
3. economies made up of elements from more than one economic system
4. in witch unemployment is very high, consumer spending is low and business
5. pure capitalism, in which all economic decisions are made without government intervention
6. the sum of all goods and services produced in a country during a year
8. and individual how risks his or her wealth, time, and effort to develop for profit an innovative product or way of doing something
11. is the number of products goods and services that businesses are willing to sell at different prices at a specific time
12. the rivalry among businesses for consumers dollars