This type of economy discourages new ideas and new ways of doing things.

House: Goods or Service?

Doctor: Goods or Service?

Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.

Who was the writer for Wealth of Nations

What term refers to a good that leaves a country?

Not having enough

In economic terms, which action shows a person acting as an investor?

A good made in the United States and sent to other countries

Gross Domestic Product (GDP) refers to the dollar value of all final goods, services, and structures produced anywhere in a single year for a country.

How much of a good or service consumers want

Things purchased by consumers

What term refers to a good that comes into a country?

When the quantity supplied is greater than the quantity demanded

The term of market economy in which the productive resources are privately owned

Services provided by people

A _____ economy's government makes all of the major economic decisions.

What economy is where the government has total control of the economy. Businesses are not privately owned.

Money paid to the government through income, sales, and purchase of property

A person or organization that uses a product or service is a(n):

A person who provides a good or service

When something given up for something else is called?

When a consumer can no longer pay off credit debt, they may be forced to file personal ______________ or legal relief for paying certain debts.

What is a need?

A person who purchases a good or service

Basic things humans need to survive