1. Question
What are things that are important to you in life?

2. Answer
Values

3. Question
An economy that does things the way they’ve always been done is ___.

4. Answer
Traditional Economy

5. Question
What are the tools, equipment, buildings, and money used to produce goods and services called?

6. Answer
Capital Resources

7. Question
Where is the place where supply and demand meet?

8. Answer
Market Place

9. Question
____ is a measure of how well people in a country live.

10. Answer
Standard of Living

11. Question
___ is a business that grows products or takes raw materials from nature.

12. Answer
Extractors

13. Questions
___ is a phase of the business cycle where most people who want to work are working and businesses produce goods & services in record numbers.

14. Answers
Prosperity

15. Question
___ is the total value of all final goods & services produced in a country in one year.

16. Answer
Gross Domestic Product

17. Question
What are goods or services that are not necessary for survival but add comfort and pleasure to our lives?

18. Answer
Wants

19. Question
What are people who own stock in a corporation called?

20. Answer
Shareholders

21. Question
What is the amount of money available to businesses after all costs and expenses have been paid called?

22. Answer
Profit

23. Question
What is an increase in the general price level called?

24. Answer
Inflation

25. Question
___ is the value of the next best alternative that you were not able to choose.

26. Answer
Opportunity Cost

27. Question
___ is rivalry among businesses to sell their goods and services.

28. Answer
Competition

29. Question
___ is businesses that change natural materials into a more finished form for manufacturers to process further.

30. Answer
Processor

31. Question
A general decline in the stock market over a period of time is called?

32. Answer
Bear Market

33. Question
What is a situation where spending exceeds revenue called?

34. Answer
Deficit

35. Question
___ is a peak in the stock market with increasing investor confidence and a growing economy.

36. Answer
Bull Market

37. Question
___ is a type of economy where the people own and control all the resources.

38. Answer
Market Economy

39. Question
___ is the quantity of a good or service that consumers are willing to buy.

40. Answer
Demand

41. Question
What are some examples of needs?

42. Answer
Food, water, shelter, clothing.