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100
A consumers willingness and ability to buy products.
What is demand?
100
Amount supplied is equal to demand.
What is Equilibrium?
100
One firm controls the market for a given product and there is no competition.
What is a Monopoly?
100
Forces nations to make economic choices.
What is scarcity of resources?
100
Measure in the change of price over a set period of time of some 400 specific goods and services used by the average household.
What is the (CPI) Consumer Price Index?
200
Decides what type of education children will receive in a communist economy.
What is the government?
200
People who work in public sectors.
What is labor?
200
Land, labor, capital, entrepreneurship.
What are factors of production?
200
Provide food, shelter and clothing.
What are activities in a traditional economy?
200
Organized way in which a nation provides for the needs and wants of its people.
What is Economy?
300
Government sells state-owned assets to private individuals.
What is privatization?
300
Demand goes up when prices go down.
What is the law of demand?
300
Encourages individuals to start and operate their own businesses without government involvement.
What is free enterprise?
300
Questions that nations ask to define their economic system.
What is what, how and for whom?
300
Business cycle that lasts for at least 2 quarters, or six months.
What is a recession?
400
Phase in the business cycle between recession and recovery.
What is trough?
400
Consumer spending is very low, and unemployment is very high for a prolonged period of time.
What is a depression?
400
US consumers are very conscious of the prices they pay for goods and services.
What is a consumer-oriented society?
400
Money earned from conducting business after all costs and expenses have been paid.
What is profit?
400
Inflation rates, labor productivity and standards of living.
What is economic measures?
500
The stages of a business cycle.
What is expansion, recession, trough, recovery.
500
Individuals decide what items will best satisfy their wants and needs.
What is a market economy?
500
Roads, ports, sanitation facilities and utilities.
What is a country's infrastructure?
500
The way the US measure it's economy.
What is GDP?
500
Measure of output divided by input of worker hours.
What is productivity?
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