Free Enterprise Characteristics
When you can own your own home and personal possessions, as long as you don't interfere with other people's right to own a home and personal possessions
Private Property
This is the sustained rise in the prices of goods and services
Inflation
When you are unemployed because the holidays are over so your department store employer let you go.
Seasonal Unemployment
This is the phase of the business cycle in which jobs are increasing, spending is going up, and your GDP is increasing as well
Expansion
The types of policies the government will enact when the economy is shrinking
Expansionary Policies
This is why businesses are formed. Entrepreneurs have their eyes set on making A LOT OF THIS in the future. (Green)
Profit Motive
How do you calculate GDP per capita?
Your country's GDP / Population of your country
When you are unemployed because robots have replaced you in your job.
Technological Unemployment
What is the time frame we look to determine if an economy is in a recession?
If your economy has been shrinking for 6 months
Increasing taxes and decreasing government spending, these fiscal policies measures are used when your economy is experiencing ________
Inflation
This is the concept of being able to go to any business and buy a product in exchange for your money without being forced to
Voluntary Exchange
These three measures 1) Average lifespan 2) Average level of schooling 3) Average standard of living, are used to calculate what?
HDI score
When you are unemployed because the economy went into a recession so your employer could no longer afford to keep you on pay roll.
Cyclical Unemployment
This is the lowest point your economy can reach. High unemployment, low demand and consumer spending.
Trough
The types of policies the government will enact when the economy is expanding too quickly, causing inflation
Contractionary Policies
The concept that anyone can form a business to sell whichever product! You are not required by the government to sell particular products, you can sell whatever you want.
Economic Freedom
When inflation reaches __________, this is when you start sounding the alarm.
Double-digits
When you are unemployed because you are currently in between jobs.
Frictional Unemployment
This is the phase of the business cycle in which your economy cannot grow any larger
Peak
Decreasing reserve requirement, decreasing discount rate, buying back government bonds, these monetary policy measures are enacted when the economy is experiencing ___________
The concept of businesses fighting against one another in the marketplace. It is this fighting that gives us a variety of goods.
Competition
How do you measure a country's GDP?
Add up the value of every single good and service produced within a country's national borders in a one year time frame
When you are unemployed because your employer decided to outsource jobs to the Philippines since workers get paid cheaper wages
Structural Unemployment
This is the name of the villain in Black Panther: Wakanda Forever
Namor
Who are the only people that can pass fiscal policy?
Congress and the President