Business cycle
What is the business cycle
the business cycle describes the short run fluctuation recession and expansion
what is a regulated economy
Decisions are shared between the government and other groups or indivduals
Monopolistic
with greater product differences
Gross National Product
the total dollar value of goods and services production by a nation, including goods and services produced abroad by US citizens and companies
What is globalization?
describes how the world is connected by flow of money,trade, labor, communication, and technology
what happens during recessions
GDP decreases,unemployment increases,inflation decreases
What is Macroeconomics
economic behavior for an entire society
Monopolistic
with few product differences
Gross domestic product
the output on goods and services produced labor and property located within a country
what is specialization
Limiting the amount of goods and services produced
Other indicators
leading indicators, coincident,lagging indicators
what is the economic market
all the consumers who are willing to purchase a particular product or service
pure competition
the market competition where there is a large number of suppliers offering very similar suppliers
Business cycle
recurring changes in economic activity
what is comparative advantage
when a country has the ability to produce a good or service with a lower opportunity cost than another country
One of the key goals of Macroeconomics
is to smooth the ups and downs of the business cycle
What is the demand curve
a relationship between the price and quantity demanded
oligopolies
the market in which a few business offer very similar products or services
factors of production
the economic resources compromising of land,labor, capital, and entrepreneurship
what is a quota
a limit placed on the quantities of a product that can be imported
what happens during expansion
GDP increases, unemployment decreases, inflation increases
What is Microeconomics
relationships between individual consumers and producers
Monopoly
the market condition in which one supplier offers a unique product
scarcity
the difference between wants and needs and available resources
what is tariff
a tax on imported goods