Economic systems
How many economic systems are there?
5
How many types of market structures are there?
4
True or false:
Incentives are something that motivates a person to do something
True
Is the stock market an indicator?
Yes
True or false:
A recession has to last a minimum of 6 months to begin.
True
What economy does the United States have?
A mixed economy
What are the 3 types of imperfect competition?
Monopolistic competition, oligopoly, and monopoly.
Are negative incentives financially good or bad?
They are bad; it's like getting punished.
What does GDP stand for?
Gross Domestic Product
What is the business cycle?
The business cycle illustrates the alternating intervals of growth and decline, tracking the GDP.
What is economics?
The study of how we make decisions in a world in which resources are limited.
What is a market?
Any structure that allows buyers and sellers to exchange types of goods and services.
What are tax credits?
Tax breaks are used to encourage consumers to spend on specific items.
What does CPI measure the rate of?
Inflation
When was the last depression?
1929
What kind of economy has some individual freedom and some government control?
Mixed economy
What is a monopoly?
It's when only one seller of a particular product dominates the market with at least 75% control.
What are two types of industries with incentives for consumers?
Solar panels, Electric vehicles, farming, pand harmaceuticals are all types of incentives.
What are market indicators?
interest rates, unemployment, and inflation.
What is in the business cycle?
expansion, recession, trough, peak.
What is an economic system?
A way a group of people produces the things that they want and need.
What are market structures?
Market structures refer to how industries are classified based on their degree of competition for services and goods.
What kind of motivation do you have for economic incentives?
Financial motivation
What does CPI measure the rate of?
Inflation
What causes depression?
If a recession becomes severe