1) Economic cycle a) circular flow of goods and services b) linear flow of goods and services c) households-businesses-government-foreign sector d) shops-house 2) economy with no foreign trade is a) open b) closed 3) if your business imports and exports a) open economy b) closed economy 4) households a) consumers buy groceries b) earn wages c) pay wages d) manufacture goods 5) Private enterprise a) government b) places the outsource c) collect taxes d) provide to household and government e) tuck shop f) Checkers 6) land, labour, capital and entrepreneurship are a) factors of production b) economic cycle 7) GDP a) gross domestic product b) value of goods and services in a country c) fall of income d) economic growth 8) higher productivity means a) low cost b) high cost c) increased output d) decreased output 9) demand a) willingness to buy b) price decrease demand increases c) price increase demand increase

Jordy EMS

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