Business Cycle
The largest recession in U.S. History
What is the Great Depression?
Another word for responsibility
What is a liability?
Another name for consumer spending
What is consumption?
What is the Food and Drug Administration (FDA)?
The level of wealth, goods, and comfort available to the citizens of a country
What is the Standard of Living?
The first stage in the Business Cycle
What is expansion?
Business owned by one person
What is a sole proprietorship?
Largest component of GDP
What is household spending?
President responsible for the Consumer Bill of Rights.
Who is John F. Kennedy?
A statement made by a manufacturer or seller of a product or service concerning the responsibility for quality, characteristics, and performance of the product or service.
What is a warranty?
Marks the beginning of a recession in the business cycle
What is peak?
Extensive government regulations
What is a corporation?
This happens when the GDP turns negative
What is a recession?
Goals are to provide information about local businesses and warn consumers of dishonest practices.
What is the Better Business Bureau (BBB)?
One example of a negative externality
What is pollution?
Another name for the Business Cycle
What is the Boom Bust Cycle?
Owner will provide all the capital to the business and to operate the business
What is a sole proprietorship?
Equation for GDP
A market situation in which only one organization produces the entire output of an industry or sells a product or service which there is no substitute
What is a monopoly?
GDP that is measured in current prices and is not adjusted for inflation
What is nominal GDP?
Extreme points of the Business Cycle
What are the peak and the trough?
How a business is organized depends on the size, purpose and ______________________.
What is number of owners?
Agency in the United States Department of Commerce that is responsible for collecting the data used to figure the GDP
What is the Bureau of Economic Analysis?
Federal agency formed to set and enforce safety standards on products such as household appliances, toys, and tools
What is the Consumer Product Safety Commission (CPSC)?
Goods and services produced without the knowledge of the government
What is underground economy?