Systems
where the government controls everything(Joseph stalin)
Command/Communism economy
Only one seller of a product or service
Monopoly
The percentage of people in the civilian labor force who are not working
Unemployment rate
The dollar value of all of the goods and sercices produced in a country within a year
Gross Domestic Product (GDP)
based of traditons the most basic econmic system
Traditonal econonmy
A Few very large sellers dominate the industry
The reduction in the prchasing power of money
Inflation
Government samples prices each month for about 400 products commonly used by Consumers to make the
Consumer Price Index(CPI)
A split of government controll and free enterprize
Mixed Economy
Uses Non-Pricing competition
Monopolistic Competition
The rate of interest that you owe on an amount borrowed
Interest rates
What are the two types of GDP
Real and Nominal GDP
A completly free market with no government controll
Market Economy
possible in theory but not in practice
Pure/Perfect competion
Represents companies that list equity shares for public investors
Stock market
The index that tracks 30 large componies
DOW Jones Industrial Average or just DOW
What is the diffrence between market and mixed economy
market has no government controll while mixed has some government controll
What are the 5 types of monopoly
Natural/Government/technology/antitrust exemption/geographic monopolies
a natural nessecity which is absurdly expensive
Housing price
What are the two types of Economic markets
Bull and Bear markets