Economic Systems
Basic Economic Concepts
Basic Economic Concepts Cont'
Business Cycles
Other
100
Most democratic nations have this type of system.
What is free enterprise system
100
The quantity of goods or services that consumers are willing and able to buy.
What is demand
100
The point at which consumers buy all of the product that is supplied.
What is equilibrum
100
The periodic random patterns of expansion and contraction that the economy goes through
What is business cycle
100
Mom-and-pop or lifestyle businesses are an example of what type of business.
What is Small Business
200
The nature and degree of competition among businesses operating in the same industry.
What is the market structure
200
The situations in which a change in price creates a change in demand.
What is elastic demand
200
A basic requirement for survival such as food, water and shelter.
What is need
200
When the GDP declines more than 10 percent it is called a
What is recession
200
Entrepreneurs are the mechanism by which the economy turns demand into _______.
What is supply
300
A market structure in which there are just a few competing firms.
What is oligopoly
300
The resources businesses use to produce the goods and services that people want.
What is factors of production
300
Intangible products
What is services
300
An unhealthy jump in prices that slow consumer and business spending.
What is inflation
300
One of the most important resources.
What is money
400
A market structure in which a particular commodity has only one seller who has control over supply and can exert nearly total control over prices.
What is a monopoly
400
Situations in which a change in price has very little effect on demand for products.
What is inelastic demand
400
A government agency that controls the economy and regulates the nation's money supply.
What is the federal reserve
400
Entrepreneurs usually start with their own funds and then seek contributions from ___________ ___________.
What is private investors
500
This among businesses is one of the basic characteristics of a free enterprise.
What is competition
500
This occurs when demand exceeds supply.
What is scarcity
500
This law establishes that price alone does not determine demand.
What is diminishing marginal utility
500
The Feds will move to increase supply of money during this time.
What is a recession
500
Steven Jobs and Stephen Wozniak created what company
What is Apple
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