Economic Measurement
The value of all the final products made in a country during a certain time period.
What is GDP?
A long-lasting period of economic contraction.
What is a depression?
When many businesses sell the same product for the same price.
What is perfect competition?
Education, roads, a police and fire department.
What are public goods and services?
Raw materials found in nature.
What are natural resources?
The rise of prices within an economy.
What is inflation?
When an economy's income, trade, and employment decline for 12-18 months.
What is a recession?
How a market is organized.
What is market structure?
Should not interfere with market forces at work.
What is the government?
When two or more businesses work together to remove their competition and set prices.
What is collusion?
How well an employee works in a certain amount of time.
What is productivity?
The highest point in the business cycle which results in the economy starting to slow down.
What is a peak?
When only a few businesses are selling the same product for similar prices.
What is an oligopoly?
Gives Congress the power to become involved with business and labor matters.
What is the constitution?
There is always a shortage of resources.
What is scarcity?
The group of people who can and want to work in a nation
What is a labor force?
The lowest point in the business cycle is when things start to turn around.
What is a trough?
When one business has all the control over a market's goods and services.
What is a monopoly?
Define conduct that threatens public safety.
What are criminal laws?
Things used to make goods a services.
What are capital resources?
The percent of people who are in the labor force who are unemployed.
What is the unemployment rate?
What is expansion?
When many businesses are selling products that are similar but not exactly the same, at different prices.
What is a monopolistic competition?
Tax and spending decisions made by the president and Congress.
What is the fiscal policy?
People who see the need for new and improved products and services.
What are entrepreneurial resources?