Economic Indicators
the study of how wealth and how it is created and distributed
What is Economics?
The initials, G.D.P. means this.
What is Gross Domestic Product
A way to set your product apart from the competition?
What is Product Differentiation?
Individuals own and operate the majority of businesses that provide goods and services.
What is Capitalism?
The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.
What is the definition of Business
The two major economic systems.
What is Capitalism and Command Economies?
The monetary value of all the finished goods and services produced within a country's borders in a specific time period.
What is GDP?
A market (or industry) situation in which there are few sellers
What is an Oligopoly?
An economic system in which the government decides what goods and services will be produced, how they will be produced, for whom available goods and services will be produced, and who owns and controls the major factors of production.
What is a Command Economy?
Sales Revenue - Business Expenses =________
What is Profit?
the decisions that individuals, business firms, government, and society make. The way in which people deal with the creation and distribution of wealth determines the kind of economic system, or economy, that a nation has.
What is Economy?
Describes the input needed to produce goods and services in order to make an economic profit
What are Factors of Production?
A market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry
What is a Monopoly?
Describes how an individual’s own personal gain benefits others and a nation’s economy. Hint *Fist*
What is The Invisible Hand?
The system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it.
What is Free Enterprise
Four major economic indicators
What are Inflation Rate, Unemployment Rate, GDP, Prime Interest Rate?
Land and Natural Resources, Labor, Capital, and Entrepreneurship
What are the Four Factors of Production
A market situation in which there are many buyers along with a relatively large number of sellers
What is a Monopolistic Competition?
He argued that a society's interests are best served when individuals are allowed to pursue their own self interest
Who is Adam Smith who wrote "The Wealth of Nations" 1776?
The Most Awesome Pathway to take at SRA!
What is the Business Academy?????
The economic health of our nation depends on these various economic indicators.
What are Prime Interest Rate, Unemployment Rate, Inflation, and GDP
Comparing two or more nations's GDP is comparing very similar statistics; seeing if a nation's rise or decline from one time period to another is a strong economic indicator of how healthy a nation's economy is. *The ability to compare one nation's economy to another nation's.
Why is the GDP important to follow?
An industry that requires a huge investment in capital and within which any duplication of facilities would be wasteful
What is a Natural Monopoly?
Expansion, Peak, Recession/Retraction, and Trough
What are the components of the Business Cycle?
A business must have these four resources in order to conduct business effectively and successful
What are Informational, Material, Financial, and Human Resources?