Economics Review

1. assets that help to produce items.
6. the willingness of consumers to pay for a good or service
7. a type of economy that existed prior to capitalism. Goal was to maximize exports and minimize imports and to hoard gold and silver.
8. when there is not enough of a good to meet demand.
9. when one business controls the market for an item
10. a simple type of economy where goods are exchanged for other goods
11. a factor of production - refers to money and
12. father of capitalism
14. the means of .... owned by private interests in a capitalist system

2. the most basic form of economy, was present in ancient times.
3. a type of economy in which the government has no role in making economic decisions
4. a type of money that is not tied to a precious resource like gold or silver.
5. the amount of good or service that is available for purchase
9. Canada's economy is defined as a mixed ....
11. a type of economy where the government makes all the decisions
13. cost of goods rises when currency becomes less valuable.