What is a general increase in the price of goods and services?
100
The Business Cycle
What is the rise and fall of economic activity over time?
100
Any commercial activity that seeks profit by providing goods and services.
What is a business?
100
Economic Indicators
What is the figures used to measure how a country is producing, growing, and comparing with other countries?
100
In the 1700s, farming was a common way of life.
What is the agricultural-based economy?
200
Standard of Living
What is the level of material comfort measured by goods and services available?
200
A deep recession
What is a depression?
200
The contest between businesses to win customers.
What is competition?
200
The U.S. has very high results in this category of economic activity.
What is gross domestic product?
200
During the 1900s the invention of the computer created this economic shift.
What is the information-based economy?
300
National Debt
What is the total amount of money a government owes?
300
Recession
What is a slow-down of economic activity?
300
All economic resources necessary to product a society's goods and services such as land, labor, capital, and entrepreneurship.
What are the factors of production?
300
Measurment of the number of people who are able and willing to work but cannot find work during a given period.
What is unemployment rate?
300
In the mid-1850s, big machines replaced human labor and produced goods.
What is the industry-based economy?
400
When a government's revenue exceeds its expenditures during a one-year period.
What is budget surplus?
400
A rise in business activity after a recession or depression.
What is recovery?
400
The act of gathering and analyzing information about the wants, needs, and preferences of consumers in a certain market.
What is market research?
400
A general decrease in the price of goods and services.
What is deflation?
400
During the 1600s, colonists bartered or traded goods and services.
What is a service-based economy?
500
One of the most important indicators of the status of an economy, this is calculated by the total value of the goods and services produced in a country in a given year.
What is gross domestic product (GDP)?
500
A peak of economic activity
What is prosperity?
500
Methods societies use to distribute resources.
What are economic systems?
500
Budget Deficit
What is the difference in the amount of what the government spends and what it collects in taxes?
500
Growth areas that can change the emphasis of the U.S. economy.