Chapter 3

3. the total dollar value of goods and services in a country
5. output per worker hour that is measured over a defined period of time
6. when the economy flourishes
8. the phyiscal development of a country
12. there is no government involvement in economic decisions
13. the things used in producing good and services
15. they are comprised of land, labor, capital, and entrepreneurship
16. refers to rising prices
17. the skills of people who are willing to invest their time and money to run a business
19. measures wholesale price levels in a country
20. reoccurring changes in economic activity

1. the output of good and services produced by labor and propery in a country
2. a system in which a country's government makes all economic decisions
4. forces nations to make economic choices
7. habits, traditions, and rituals answer the basic questions of what, how, and to whom
9. measures the change in price over a period of time
10. a period of prolonged recession
11. a period of renewed economic growth
14. the organized way a nation provides for the needs and wants of its people
18. an economic slowdown