Market Structures
What are the two types of Markets?
The Bull Market and the Bear Market.
How many Economic Indicators are there?
There are 7 Economic Indicators.
What takes place when when real GDP goes down for 6 months straight?
Recession.
What is the difference between Incentives and Economic Incentives?
Incentives motivates a person to do something and Economic Incentives financially motivates people to take certain actions.
What are the four main types of economic systems?
Traditional, Command, Market, and Mixed.
Name two of the 4 types of Market structures on the Imperfect Competition side?
Monopolistic Competition and Oligopoly or Monopoly.
What does GDP mean?
Gross Domestic Product.
What happens when a recession becomes very severe?
Depression.
What are all the types of Incentives?
Tax Credits, Subsidies, Business Grants, Bonuses, Stock Options, and Profit Sharing.
What type of economic system is based on customs and traditions?
A traditional Economy.
What are two examples of Pure/Imperfect Competition?
Corn and Milk.
Why is there a price difference from when we look at them from 1980 to now?
There is a price difference because of Inflation.
Where is through at on the Business Cycle chart?
at the very bottom.
Examples of Negative Incentives.
Fines, Fees, dock in pay, Demotions, or Tickets.
In which Economic system does the government make most of the decisions?
Command Economy.
What Competition has a lot of buyers and sellers that are well informed, but they have slightly different products?
Monopolistic Competition.
The examples Loans and Mortgage Rates are examples of which Economic Indicator?
Interest Rates.
Labor force includes what for unemployment?
Civilians 16 and older who are working or looking for work.
what are the types of industries for Incentives?
Solar Panels, Electric Vehicles, Farming, Pharmaceuticals.
What type of economy combines government control with free market principles?
Mixed Economy.
Name all types of Monopolies.
Natural, Government, Technology, Antitrust Exemption, and Geographic
How many products does the government sample price each month and what does CPI mean?
They sample 400 a month and CPI is Consumer Price Index.
Monetary Policy and Fiscal Policy are tools of what?
The government changing the economy.
Two facts about Subsidies.
The federal government gives farmers billions of dollars in subsidies, and Other subsidized industries: Oil, Housing, Healthcare
What is the main difference between a Market Economy and a Command Economy?
In a Market Economy, decisions are made by individuals and businesses, while in a Command Economy, the government makes the decisions.