Succeeding in the World of Work

Section 1: Economic Systems

After You Read Section Review Answers

Review Key Concepts

1. In a free-enterprise system, consumers are people who buy and use goods and services. Producers are companies or individuals who make goods or provide services and whose goal is to make a profit. Producers and consumers use the marketplace to interact.
2. Supply and demand, production costs, competition.
3. Prices are affected by the gross domestic product (GDP), the Consumer Price Index (CPI) and the unemployment rate.

4. The rest of the world's GDP is 29 trillion, or 29,000,000 million (40,895,000 million rounds to 41,000,000 million; 11,734,000 million founds to 12,000,000 million; 41,000,000 million – 12,000,000 = 29,000,000 million).