Business Cycle
Types of Economies
Sub/Comp
Economic Questions
Demand/Supply
100
Trough
bad economy
100
Command economy
What type of economy does the government make the decisions?
100
bacon
What is a complementary good for eggs?
100
three
How many economic questions are there?
100
When many people buy a product or service
What is Demand?
200
peak
good economy, high employment
200
based on customs
What is a Traditional economy?
200
pancakes
What is a substitute good for eggs?
200
Economic Question about what should be sold
What is "What to produce"?
200
amount producers make and sell
What is Supply?
300
contraction
things getting worse, unemployment rising
300
consumers and producers decide
What is a Market economy?
300
tea
What is a substitute good for coffee?
300
Economic Question about how to make things
What is "How to Produce"?
300
onsumers will buy more if the price goes down
What is the Law of Demand?
400
hurricane, terrorist attack
What is an external shock?
400
a mixed economy
What is a mixture of Market, Command & Traditional
400
it goes well with something
What is a Complimentary good/service?
400
Economic Question about who buys the item
What is "For Whom To Produce"?
400
Producers make more if sold at a higher price
What is the Law of Supply?
500
a recession
What are we experiencing now in the US?
500
The United States
What country has a mixed economy?
500
it takes the place of something else
What is a substitute good/service
500
your lifestyle, what you spend on
What is Standard of Living?
500
equilibrium point
Where do Supply price & Demand price meet?
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