Business cycle-Market Indicator
It is the dollar value of all of the goods and services produced in a country within a year
GDP Gross Domestic Product
What is economics?
The study of how we make decisions in a world in which resources are limited
A maket structure allows buyers and sellers to —-- good/ services
Exchange
What is an economic incentive?
Financial motivation for people to take a certain action
Rising prices in the economy
Inflation
Demand for a good is greater than the availability of the good or service
Scarcity
An oligoply is an example of —- competition
Imperfect
What are the different types of incentives
Credits, subsides, grants, stock options, profit sharing
CPI measures the rate of inflation
Consumer price index
Quantity demanded is greater than the quantity supplied
Shortage
A monopoly requires one seller to have at least —% control over a particular product
75%
What are the types of negative incentives
Fines, fees, dock in, pay demotions, tic
The rate of interest that you owe on an amount borrowed
Interest rates
The number of goods or services that suppliers will produce and sell at a given market price
Quantity
The types of monopoly are
Natural, government tech antitrust geographic
What industries/ good that have incentives
Solar panels, electric vehicles, farming pharmaceuticals
The unemployment rate is the percentage of people in the civilian labor force who are not working, but currently looking for work
Unemployment
Economic system
A way a group of people produce the things that they want and need
Products are similar/identical
Pure/imperfect competition
Consumer demand and the pursuit of profit drive decisions about what to produce.
Market economy