Types of Economy
What type of economy is fueled by cultural influence, customs, and tradition? This type of Economy frequently uses the barter system.
Traditional Economy
What type of market is typically run by a single business or person that has exclusive control over that specific market. (Board Game)
Monopoly
interest is measured as a _____. (mathematical term for determining parts in a whole out of 100)
percentage
What is the name for money collected from an individual by the government and then redistributed by the government to better public resources
Taxes
An uninformed purchase, poor financial policy, or a poor investment can be defined as:
Irresponsible Spending.
What type of economy is completely regulated and controlled by the government?
Centrally Planned Economy
What term is defined as multiple businesses controlling a market and selling similar or identical products?
Monopolistic competition
The _____ _____ is a measurement of the amount of people who do not work in a given country/state/city/county.
Unemployment Rate
Including Tax Breaks, low-interest loans, and grants, these policies and regulations are used by the government to show businesses and the public that they are working to improve economic conditions.
Economic Development Incentives
_____ and ______ are the two measurements people use to identify how individuals are interacting with certain markets
Supply and Demand
What type of economy features private owning of the means of production, as well as little to no government oversight into regulating the economy.
Market Economy
What market is defined as a small group of multiple businesses with control over a market?
Monopolistic Competition
_____ is the measurement of an employees economic output and production
Productivity.
Economic policies that specifically deal with economic taxes and spending levels. These policies can be used to increase or decrease spending on specific sectors.
Fiscal Policy
_____ are the things a corporation must spend money on in a given year to either complete their business, or to improve and grow their business.
Expenses
The United States, Sweden, France, and many EU countries are examples of what type of economy?
Mixed Economy
This type of market forms when one company controls the supply of all products of a similar type.
Monopoly
Inflation is an increase in prices on goods and services and a fall in the _______ power of money.
The process by which the Federal Reserve System (FED Banks) regulates and influences economic policy by controlling the money supply is called?
Monetary Policy
The ______ provides a legal structure through criminal and civil laws, as well as anti-trust laws.
Government
Centrally Planed Economy
What type of market would require a perfect equilibrium between supply and demand?
Perfect competition
GDP (Gross Domestic Product) is measured by detailing the _____ and ______ produced by a country in a year.
Goods and Services
______ is a term to measure the increasing ability for one to spend their money outside of their local economy, as well as measuring the connectedness of the various countries and economies.
Globalization
_______ is the term used for when an individual takes a currency of one kind and exchanges it for another currency from somewhere else.
Currency Conversion