Economic Systems
This term describes the system a society uses to produce and consume goods and services.
What is an economic system?
Coal is an example of this type of economic resource.
What is a natural resource?
During this stage of the business cycle, unemployment begins to fall as the economy starts improving.
What is recovery?
According to the Law of Demand, consumers generally buy less of a product when this increases.
What is price?
A worker who was recently laid off and is looking for work would be classified this way.
What is unemployed?
In this economic system, traditions, families, tribes, or small communities make most economic decisions.
What is a traditional economy?
A factory building is an example of this type of resource.
What is a capital resource?
During this stage, economic activity slows and prices may begin to fall.
What is recession?
According to the Law of Supply, businesses generally supply more of a product when this rises.
What is price?
Businesses commonly hire more workers when this is increasing.
What is demand?
In this economic system, consumers and businesses make most economic decisions.
What is a market system?
Workers and their skills are classified as this type of economic resource.
What are human resources?
This is a severe economic downturn in which demand can reach very low levels.
What is a depression?
This is a key factor in determining how much consumers demand of a good or service.
What is the price of the good or service?
A retired 75-year-old who is not looking for a job is considered unemployed.
What is false?
In this economic system, the government makes the important decisions about what and how goods are produced.
What is a command economy?
A production manager is an example of this type of economic resource.
What are human resources?
High inflation may occur during this strong stage of the business cycle.
What is prosperity?
If the price of a popular pair of sneakers rises significantly, the Law of Demand predicts consumers will generally buy ______ pairs.
What is fewer?
When consumers can afford and are willing to spend more money, this can help produce this positive change in the economy.
What is economic growth?
This economic system combines decision-making by the government, businesses, and consumers.
What is a mixed economy?
Investment funds used to start or develop a business relate to this economic resource.
What is entrepreneurship?
Government stimulus programs are especially important during this severe stage of the business cycle.
What is a depression?
A store notices more customers want a product, and the company responds by producing more of it. This illustrates the relationship between these two economic forces.
What are supply and demand?
A company sees sales increasing rapidly. Based on labor demand, what will the business most likely do?
Hire more workers/labor to help meet the increased demand.