Match each term with the correct statement below.
a. consumer
b. economics
c. economic system
d. entrepreneurs
e. free enterprise
f. gross domestic product
g. labor resources
h. mixed economy
1. A measure of the economic activity within the physical borders of a country.
2. A system in which private businesses are able to start and do business competitively to earn profits, with a minimal degree of government regulation.
3. The human talent, skills, and competence available in a nation.
4. A person who purchases a good or service for personal use.
5. People who take the risks necessary to organize and manage a business and receive the financial profits and non monetary rewards.
6. An economy in which both the government and private business enterprises produce and distribute goods and services.
7. The study of how a society chooses to use scarce resources to produce goods and services and to distribute them to people for consumption.
8. The accepted process by which labor, capital, and natural resources are organized to produce and distribute goods and services in a society.
1. F) gross domestic product
2. E) free enterprise
3. G) labor resources
4. A) consumer
5. D) entrepreneurs
6. H) mixed economy
7. B) economics
8. C) economic system
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