GDP
Private ownership of resources and the pursuit of profit are key characteristics of this economic system.
What is market economy
This represents the periodic but irregular ups and downs in overall economic activity.
What is the business cycle?
A sustained increase in the money supply can often lead to this economic phenomenon.
What is inflation.
This is a tax imposed on imported goods.
What is a tariff
The law of this states that as the price of a good increases, the quantity demanded will decrease.
What is demand.
Consumption, investment, government purchases, and THIS are the four components used to calculate this economic indicator.
What is net exports
A period of significant decline in economic activity, typically lasting more than a few months, is known as this
This type of unemployment occurs when there is a mismatch between the skills of the labor force and the requirements of available jobs
What is structural unemployment?
A government-imposed limit on the quantity of a specific good that can be imported is known as this.
What is a quota
The point where the supply curve and the demand curve intersect is known as this.
What is equilibrium
If a country's GDP increases, this generally indicates what about the economy?
What is economic growth?
The peak of economic activity in the business cycle is followed by this phase.
What is a contraction or recession?
During a recession, this type of unemployment tends to increase significantly due to decreased demand for goods and services.
What is cyclical unemployment.
The argument or philosophy for protecting new industries from foreign competition often justifies trade barriers like embargos and quotas
What is protectionism.
A decrease in consumer income would most likely cause this to the demand shift for a normal good (Does demand increase or decrease).
What is decrease or a shift to the left.
This along with illegal activities, used items, and intermediary goods are not counted toward GDP.
What is financial transactions
Increased consumer confidence and business investment are characteristic of this phase of the business cycle.
What is an expansion or recovery?
This term describes a situation where inflation is very high and accelerating rapidly.
What is hyperinflation
An outright ban on the import or export of a particular good or service is called this.
Tradition and customs play a significant role in shaping economic decisions in this type of system.
What is a traditional economy.
In this type of economy, the government makes most of the economic decisions.
What is a command economy?
This bottom point of a recession or contraction, where economic activity is at its lowest, is called this.
What is a trough or depression
Name a group of people who are not part of the unemployment rate.
Who is retired, institutionalized, under 16 years old, or chose not to work.
This is when two or more countries agree to free trade along with other benefits. Examples of this include: NAFTA and the EU.
What is an alliance or agreement.
This term describes an economy that combines elements of both command and market systems.
What is a mixed economy