Complete the Following Using the Terms Listed

question 8

Multiple Choice

Complete the following using the terms listed.
-_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

• A)Consumer Price Index (CPI)
• B)Inflation
• C)Gross domestic product (GDP)
• D)fiscal policy
• E)monetary policy
• F)equilibrium price
• G)budget deficit
• H)Pure competition
• I)supply
• J)Demand
• K)Productivity
• L)recession
• M)microeconomics
• N)oligopoly
• O)monopoly

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Definitions:

Owner's Equity

The residual interest in the assets of an entity that remains after deducting its liabilities; also known as shareholders' equity for corporations.

Revenues

Income earned by a company from its business activities; essentially the gross income figure from which costs are subtracted to determine net income.

Expenses

Expenses or the spending of resources or taking on of liabilities over time due to the delivery or production of goods, provision of services, or other actions that are central to the entity's primary operations.

Utility Expense

Costs incurred by a business or individual for utilities such as electricity, water, and gas.