Supply & Demand
This term describes the quantity of a good or service that consumers are willing and able to purchase at a given price.
Demand
This phase of the business cycle is characterized by rising economic activity, increasing employment, and growing GDP
What is expansion.
This economic ideology relies on supply and demand with minimal government intervention, often associated with free markets.
What is capitalism
This term describes a general increase in prices and fall in the purchasing value of money over time
What is inflation
The number of students in this class period.
30
This economic principle states that as the price of a good increases, the quantity supplied generally increases, assuming all else is constant
What is the Law of Supply.
During this phase, economic activity reaches its highest point before declining, often marked by high consumer confidence and investment.
What is peak.
In this economic ideology, the government owns and controls most of production, aiming to distribute resources equally among citizens.
What is Socialism
This U.S. government agency publishes key data to measure of inflation
What is the Bureau of Labor and Statistics
Revenue - COGS - Expenses =
Profit
This point on a supply and demand graph shows where the quantity supplied equals the quantity demanded, resulting in market stability.
What is Equilibrium
This economic indicator, often measured by 6 months of negative GDP growth, signals the onset of a contraction phase
What is recession
This economic system, seen in societies like feudal Europe, depends on customs and traditions to determine production and distribution.
What is a Traditional Economy.
This type of inflation occurs when production costs, like wages or raw materials, rise and businesses pass those costs to consumers.
What is cost-push inflation
The value of the next best alternative you give up
This is when the percentage change in quantity demanded is greater than the percentage change in price, often seen with luxury goods.
What is elastic demand.
This phase, also known as the bottom of the cycle, occurs when economic activity stabilizes before recovery, often with high unemployment and low consumer spending.
What is the trough
This hybrid system combines elements of capitalism and socialism, with private enterprise and government involvement, as seen in countries like Sweden.
What is a mixed economy.
This type of inflation occurs when demand is greater than supply.
The third step to the Design Thinking process.
What is Ideate.
What is Taste and Prefrences.
This economic period is defined by a declining economy for 12 months or more.
What is a depression
This Asian country is often referred to as having a free market economy.
What is Singapore.
This key metric is used to track inflation.
What is the consumer price index (CPI)
The business structure that limits liability and can only have up to 100 shareholders.
What is an S-Corp