economic indicators
what is international trade?
the exchange of goods and services amongst nations.
what is the business cycle?
represents constant changes and ups and downs in economic growth.
what is an economic factor?
how to measure an economy and what factors contribute to a healthy economy is essential for citizens
what is supply?
the quantity of a product that producers are willing and able to produce at a certain price.
_________________________ are goods and services sold to other countries.
exports
the business cycle can be affected by the actions of?
businesses, consumers, and the governments
what are the three goals of a healthy economy?
1. increase productivity
2. decreases unemployment
3. stabilize price
what is demand?
the quantity of a product that consumers are willing and able.
___________________ are goods and services purchased from other countries.
imports
people influence and react to different phases of the business cycle generally based on?
employment options and spending
what is the ,material well-being of the average person in a given population?
standard of living
what is supply and demand?
determine the price and quantities goods and services produced.
the trade between countries is controlled by?
government of the countries that are trading?
what are the four phases of the business cycle?
recovery, depression, recession, and expansion
_________________________________ is output per worker hour over a defined period of time.
productivity
price and supply have a __________________ meaning they move in the same direction.
direct relationships
what are the main trade advantages?
1. absolute advantage
2. comparative advantage
business cycles can be ________________________ and can be seen through phases of time throughout history.
naturally occuring
what calculates the total market value of all finished goods (no raw materials) produced?
GDP
as the price of a product ______________ the quantity demanded __________________.
increases
decreases