Review Economics

3. Guarantees equal standard of living for everyone
5. Nations use ____to determine how to use their limited resources effectively
6. How much of a good or service a producer is willing and able to produce at different prices.
7. people’s knowledge, efforts, and skills used in their work
9. the ______produces cars and health care
11. The US has the ______national economy in the world
12. Corporations and other private firms make the majority of ____decisions
14. Found in rural, under-developed countries–
18. The point at which the supply and demand curve meet is known as the___ and quantity
19. When the price is low, demand ______ and businesses produce more goods
20. Resources recognize the need for new goods or service
21. (FDA)regulatory agency
24. used to produce goods and services (buildings, materials, and equipment)

1. Resources raw materials found in nature that are used to produce goods
2. Businesses and consumers decide what they will produce and purchase and in what quantities
4. some form of private enterprise exists but the state owns major resources
7. When the demand is ____, competitors see opportunity in the market.
8. An individual’s need or desire for a good or service at a given price.
10. A supply and demand graph is a _____ of supply and demand.
13. The graph can help _____ the performance of the product over time
15. a _____ market economy does not exist
16. Example of a mixed economy
17. shortage of resources
22. and example of a natural resource
23. Combination of a market and a command economy
25. When the price is_____ the equilibrium price, fewer people are willing to buy
26. Schools and other public ______ services