Production of goods or services in the attempt to make an economic profit.
What is What is Factors of Production
100
Changes the flow of supply.
What is Supply Shifters.
100
Part of the business cycle in which the nation's output, real GDP, does not grow for at least six months.
What is a recession.
100
In an inflationary time period the value of the dollar will
What is Go Down.
100
Aid that one country gives to another in the form of money, capital resources, and food.
What is Foreign Aid.
200
An economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system
What is Market Economy.
200
Changes the demand for a product.
What is Demand Shifters.
200
Prolonged rise in the general price of goods and services.
What is Inflation.
200
Regulates the Money supply.
What Is Supply.
200
A good that is brought into one country from another
What is import
300
An original economic system in which traditions, customs, and beliefs shape the goods and the services the economy.
What is Traditional Economy.
300
How many people want a specific product.
What Is Demand.
300
Prolonged decline in general price level of goods and services
What is Deflation.
300
Legal tender issued by the monetary authority of a country
What Is domestic Money
300
A financial situation in which spending is greater than income or revenues.
What is Budget Deficit.
400
When government makes decisions, or a planned economy, is an economic system where the main economic decisions.
What is Command Economy.
400
The Amount that a Company has of one product
What is Supply.
400
Year used as a point of comparison for other years in a series of statistics.
What is Base Year.
400
Government adjusts its spending levels and tax rates to monitor and influence a nation's economy,
What Is Fiscal Policy
400
A good that is sent from one country to another.
What is Export.
500
Wrote the book on the idea of an economy free from government interference.
What is Adam Smith.
500
Things remaining same the quantity demanded of a good increases when its price falls,
What is the Law of Demand
500
Resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.
What is Frictional Unemployment
500
The distinguishing feature of a banking institution aver financial institutes is its ability to create.
What is Debt.
500
Alternating time periods of expanding and contracting economic activity.