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Economic History
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Name that Term
Definitions
100
Colonial times in the U.S. is characterized by what type of economy?
What is service-based
100
The longest period of economic depression was started by what event?
What is the stock market crash in 1929.
100
What is used to measure the economic health of an economy?
What is economic indicators.
100
How is productivity calculated?
Number of units produced / Number of hours worked
100
(Blank) is a general increase in the cost of goods and services.
What is inflation.
200
The latter part of the 20th century the economy shifted to ___?
What is information technology.
200
The government agency that guides the economy.
What is the Federal Reserve.
200
What does gross domestic product measure?
What is value of goods and services produced by a country.
200

The rise and fall of economic activity.


What is the business cycle.
200
The total amount of money a government owes.
What is national debt
300
The 1700s saw the rise of what economy?
What is agriculture-based
300
During a recovery, ________ starts to increase.
What is production.
300
The phase of the business cycle that comes after a recession.
What is recovery
300
The result of a government spending more than it collects in taxes.
What is budget deficit.
300
The downturn in one industry may affect others.
What is the ripple effect.
400

The total amount a government owes from borrowing money ?

What national debt.
400
Measures the number of people who are able and willing to work but cannot find work during a given period.
What is unemployment
400
What does downsizing cause?
What is unemployment.
400
What are the four phases of the business cycle?
What is recession, depression, recovery, prosperity
400

A general decrease in the price of goods and services. This occurs when the supply of goods is greater than the quantity demanded.

What is deflation.
500
What was created for mass production in the industrial era?
What is the assembly line.
500
When was Black Tuesday?
October 29th, 1929
500
What does a nation have when it expenditures are less than its income?
What is budget surplus.
500
What four areas help calculate GDP.
*Consumer spending, consumption *Business investment *Government spending *Goods and services sold to other countries, net exports
500

The level of material comfort as measured by the goods and services that are available.

What is standard of living.