GDP
What does GDP stand for?
Gross Domestic Product
What is market structure?
It's how a market is organized based on the number of businesses competing for sales in an industry
What has the government done for the economy?
Created more wealth
What is Fiscal Policy
The tax and spending decisions that are made
Who collects the taxes to pay for these goods and services?
Government agencies
What is the definition of GDP?
The market value of all final products produced in a country during a specific time period
What is p[rice competition?
When a lower price is the main reason for customers to buy from one business over another
What is commerce?
The activities involved in buying and selling goods on a large scale
How does the government use Fiscal Policy?
To boost the economy when it is weak
What are the 3 Federal Antitrust laws?
Sherman Antitrust Act, Clayton Antitrust Act, Federal Trade Commission
What is GDP also known as?
Economic output
Nonprice competition is best described how?
A competitive advantage based on factors other than price
Some examples of the roles are?
Manage the economy, and provide public goods and services
Monetary Policy is the policy that regulates what?
The supply of money and interest rates
The main motives in a market economy are?
Money and Profit
What are the 4 components of GDP?
Consumer spending, Business spending, Government spending, Net exports
What are 4 basic structures that represent varying degrees of competition?
Monopoly. Oligopoly, Monopolistic competition, Perfect competition
How is the economy described?
It is complex and difficult to predict
Reserve system carries out the nation's monetary policy to do what?
Promote effectively the goals of maximum employment
What does FEMA stand for?
Federal Emergency Management Agency
When GDP growth is above average, what does this indicate?
A strong economy
What do most businesses operate in?
How has the US economy been more successful?
It has created more wealth than any other economic system
When the economy is slow and weak who will take action to increase the money and decrease interest rate?
The Federal Reserve
When does a nation benefit?
When the population is well educated