Unit 1: Basic Economics
This is the term for an act that can be sold, such as haircutting or lawn care.
Service
The U.S. has this type of economic system — a blend of government intervention and free-market choices.
Mixed Economy
This phase of the business cycle is when GDP is rising and unemployment is falling.
Expansion
When nations depend on each other for goods and services they cannot produce themselves, this occurs.
Economic Interdependence
Land, labor, capital, and entrepreneurship are known as these.
Factors of Production
This type of business is owned and operated by a single person or married couple
Sole Proprietorship
What measures the total value of all final goods and services produced in a country in a given time period?
GDP
Products often being made from parts produced in many different countries is an example of this global concept.
Supply Chain
This is what you give up when you make a trade-off
Opportunity Cost
This market structure is known to have many sellers that sell the exact same product
Perfect Competition
This type of unemployment consists of someone who is in between jobs
Frictional
A tax placed on imported goods is called what?
Tariff
A country that can produce more of a good than another country has this type of advantage.
Absolute Advantage
When owners are only responsible for the amount they put into the business
Limited Liability
This refers to a loan to the government with a contract to repay the borrowed money plus interest in the future
Bond
When individuals or nations focus on producing what they do best, it is called this.
Specialization
This economic problem exists because people have unlimited wants but limited resources.
Scarcity
The idea that the market balances itself when individuals act in their self-interest is called what?
Invisible Hand
This policy refers to how the government taxes and spends its money
Fiscal Policy
Tariffs, quotas, and embargos are examples of these.
Barriers to Trade