Module 1 Review

Used to help encourage competition in a particular industry and break up monopolies.

Those that feature a direct exchange of goods without the use of money or another medium of exchange.

Refers to the goods and tools used to make products.

Characterized by privately owned businesses (or means of production) engaged in making a profit.

The study of the ways in which money is created and used in society.

A structure within a society that organizes the production, distribution, and consumption of goods and services.

The range of economic activity in a country, region, or community.

No governmental presence in economic transactions.

Refers to the human ability to produce goods or services and includes physical labor, talent, and skills.

The prices of services and goods are determined through a free system.

Companies that have complete control over a particular product or industry.

Things like land, minerals, forests, oil, and so on that exist in the world and can be used to create goods.

The government operates as the central authority, guiding the economy and controlling (owning) many of the businesses.

Prices for goods and services will be determined by the supply (how many of a certain item are available) and demand (how much do people want this item).

Taxes levied on imports and/or exports.