Business Misc
Types of economies
Economic performance
The Business Cycle
Competition
100
When individuals are free to decide what to produce, how to produce it, and at what price.
What is Free Enterprise
100
The study of how wealth is created and distributed
What is economics
100
The Federal Reserves decisions that determine the size of the supply of money and the level of interest rates
What is monetary policy
100
the recurrence of periods of growth and recession in a nation's economic activity
What is the business cycle
100
There are many buyers and sellers of a product and no single buyer is powerful enough to affect the price
What is perfect competition
200
An organized effort of individuals to produce and sell for a profit the goods and services that satisfy society's needs.
What is a business
200
The study of decisions made by individuals and businesses
What is microeconomics
200
The total value of all goods and services produced in the country
What is GDP
200
When the economy is at its highest point it is called what
What is a peak
200
There are a few sellers and they are quite large and need to make sizable investments
What is oligopoly
300
Land, labor, capital, entrepreneurship
What are factors of production
300

An economic system in which individuals own and operate the majority of businesses that provide goods and services

What is capitalism or market economy

300
The average level of output per worker per hour
What is productivity
300
the third phase of the business cycle
What is the trough
300
A market with only one seller
What is monopoly
400
The quantity of the product that producers are willing to sell at each of the various prices
What is supply
400

An economic system in which government decides what will be produced and how it will be produced

What is a command economy or communism

400
A general increase in the level of prices
What is inflation
400
2 consecutive quarters of decline in the GDP
What is recession
400
A market situation in which there are many buyers along with a large number of sellers and the products are similar
What is monopolistic competition
500
A method of manufacturing in which an entrepreneur distributed raw materials to various homes, where families would process them into finished goods
What is a domestic system
500
The key industries are owned and controlled by the government
What is socialism
500
A total of all federal deficits
What is the national debt
500
What is the phase called when the economy is improving after a recession
What is a recovery
500
Which type of competition is prohibited for the most part
What is a monopoly
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