Vocabulary
The total value of all final goods and services produced in a country during one year.
What is the Gross Domestic Product?
goods used in the production of final goods.
What is intermediate goods?
This happened in the U.S. in 1929.
What is the Great Depression?
This market structure has many small firms selling identical products with no barriers to entry or exit.
What is a perfect competition?
This person is my favorite student.
Who is no one?
The production output in relation to a unit of input, such as a worker.
What is Productivity?
1. expansion
2. peak
3. contraction
4. trough
What are the phases of a business cycle?
This financial crisis in 2008 was caused by the widespread failure of loans given to borrowers with poor credit.
What was the subprime mortgage crisis?
A market with only one seller that has complete control over price and supply due to extremely high barriers to entry.
What is a monopoly?
I worked in this industry for 10 years before teaching.
What is Intellectual Property?
The output per person, calculated by dividing gross domestic product (GDP) by the total production.
What is GDP per capita?
a period of economic growth as measured by a rise in real GDP
What is expansion?
This "Black" day in October 1929 is often cited as the beginning of the Great Depression.
What was Black Tuesday?
In this market structure, many firms sell similar but differentiated products, and each firm has a small amount of market power.
What is monopolistic competition?
True or False: I have never been out of the country
What is false?
An increase in the general level of prices.
What is Inflation?
The lowest point in economic contraction
What is trough?
This bubble in the 2000s, driven by low interest rates and risky lending, burst and triggered the most severe economic downturn since the Great Depression.
What was the housing bubble?
A market dominated by a small number of large firms that are highly interdependent on each other's actions.
What is an oligopoly?
My son plays this sport.
What is hockey?
The phase of the business cycle in which demand begins to decrease, businesses lower production, unemployment begins to rise, and gross domestic product (GDP) growth slows for two or more quarters of the calendar year.
What is a Recession?
a recession that is especially long and severe.
What is depression?
The massive economic downturn of 2020, which saw a surge in unemployment and business closures, was officially designated this type of economic event.
What was the COVID-19 Recession?
Industries like wireless carriers (e.g., Verizon, AT&T, T-Mobile) and aircraft manufacturers (e.g., Boeing, Airbus) are classic examples. Their pricing decisions and product launches are heavily influenced by the actions of their rivals.
What is an oligopoly?
My children are named
Who are Alexis (Lexy, Lex), Ethan, and Isabella (Izzy)