The government owns and controls the resources in this type of economy.
What is a command economy?
100
An overall increase in the price of goods and services.
What is inflation?
100
Business activities needed for creating, shipping, and selling goods across national borders.
What is international business?
100
The quantity of a good or service a consumer is willing to buy.
What is demand?
200
The three types of economic resources are _______, _______, and ________.
What are natural, human, and capital resources?
200
Personal economic freedom is associated with this type of economic system.
What is a market economy?
200
The total value of all final goods and services produced in a country during one year.
What is gross domestic product (GDP)?
200
The difference between a country's total exports and total imports (exports - imports = ?).
What is the balance of trade?
200
The point at which supply and demand are equal.
What is the market/equilibrium price?
300
Giving something up to have something else.
What is a trade-off?
300
The right by which you can own, use, and dispose of things of value.
What is private property?
300
This monthly report shows the sales of all durable and non-durable goods bought by consumers.
What is the retail sales report?
300
Type of advantage when a country can produce a good or service at a lower cost than other countries.
What is an absolute advantage?
300
The production output in relation to a unit of input. (Hint - increases with technology and equipment improvements)
What is productivity?
400
Competition, increased supply, and substitute products can all have what affect of the price of a good or service.
What is a decrease in price?
400
The private ownership of economic resources by individuals, rather than by the government.
What is capitalism?
400
The period in a business cycle in which most people are working, businesses are increasing production, wages are good, and the GDP is growing.
What is prosperity?
400
Refers to a nation's transportation, communication, and utility systems.
What is infrastructure?
400
Spending by businesses for items such as land, buildings, equipment, and new products. (Hint - they are usually financed through savings, stock investments, and bonds)
What are capital projects?
500
Another name for economic resources used in the production of goods and services.
What are factors of production?
500
The point where supply and demand are equal.
What is the market price?
500
Describe the two main types of investments used by businesses to obtain financing. How do investors make their money in each investment type?
Stocks and bonds. Stock certificates represent equity ownership in a company. As the value of the company increases so should the stock price. Bonds are debts sold by an organization for a set amount and repaid at the end of a specific term. The investor (creditor) receives an interest payment for loaning the money.
500
Quotas, embargoes, and tariffs are examples of these.