Chapter 13

A characteristic that sets apart as an economic and political system is the private ownership of businesses.

Capitalism

Which of the following is not considered a factor of production?

Competition

Identify and describe at least three key elements of capitalism that you would see in a market or mixed economic system.

Competition, lack of government involvement, supply and demand rules

A(n) is the way in which a country uses their resources and distributes goods and services.

Economic system

When consumer demand for a product is met by the available supply, the market has reached ___________.

Equilibrium

A(n) is a product or service a country sells to another country.

Export

The total value of all the goods and services sold by a country is known as what?

GDP

happens when multiple countries rely upon one another for goods and services.

Global trade

includes the study of individual purchasing decisions.

Microeconomics

What term is used to describe when economic growth is at its highest point?

Peak

Product standards, subsidies, and quotas are examples of policies.

Protectionism

Which of the four economic sectors includes education, the government, and scientific research?

Quaternary

Controlling the use of a product or service is known as what?

Rationing

is experienced when demand meets insufficient resources.

Scarcity

Fewer available resources and a lower standard of living are characteristics of

Standard of living

impacts pricing based on the availability of a product and the consumer desire for it.

Supply and Demand

In order to help sell more domestic products, a country might charge an extra tax, or , on imports.

Tariffs