supply and demand
______ refers to the amount of goods or services available.
What is supply?
What is peak?
Complete economic freedom is a trait of a ____ economy.
What is market?
Water is one of the four basic _____.
The most important economic indicator.
The point at which supply and demand intersect represents the equilibrium ______.
What is price?
The economy is in the worst shape during this stage of the business cycle.
What is depression?
What is market?
A teacher is an example of this kind of resource.
What is labor?
Standard of living is not taken into account when measuring this economic indicator.
When the supply of good decreases, the demand will _____.
What is increase?
When the economy is in a recession, it is followed by the rest of the business cycle in this order.
This is an economy with some elements of both market and command.
What is mixed?
A new car is considered a ______.
What is want?
The general rise in the price of products refers to this economic indicator.
What is inflation?
This happens to the demand for a product when supply decreases.
What is the demand increases?
What is recovery?
Provide an example of something the government controls in a command economy.
What is healthcare, housing, employment, insurance, etc.?
Equipment and materials are an example of this kind of resource.
What is capital?
What is # of people seeking work divided by total # of people in the labor force?
High cost of hand sanitizer is a result of this.
What is supply of hand sanitizer decreasing and demand for hand sanitizer increasing?
A natural disaster, such as the coronavirus, could send the economy into this stage of the business cycle.
What is recession?
The biggest different between a market economy and command economy is this.
What is government control?
This type of resource is intangible.
What is entrepreneurial resource?
What is exports - imports?