Vocab 1
Any actions that one person or group does for another in exchange for payment?
services
Items that can be bought or sold?
Goods
Traveling from one place to another and coming back?
Round Trip
goods
Any actions that one person or group does for another in exchange for payment?
services
Increase in prices?
Inflation
Goods and services provided by businesses and are sold to consumers; ex: cars, games, hair salon, hospital, etc.?
Private Goods and Services
A fee that you pay to enter a place?
Admission
What is the continuous sequence of ups and downs in the economy called?
What was the name for when the stock market crashed, banks failed, and businesses closed in 1929?
The Great Depression
The continuous sequence of ups and downs in the economy?
Business Cycle
A decline in business activity?
Recession
Traveling every day to the same place to work or school?
Commute
When the economy is growing and expanding, businesses ___________ production, work is plentiful, and people have money to spend?
increase or decreaseincrease
What is the time it takes for a country to come out of a recession or depression called?
recovery
Goods and services the government provides and are paid for by taxes?
Public Goods and Services
A period of time when business is booming; lots of jobs, unemployment low, wages high, new businesses, etc.?
Expansion
A fee that you pay to ride a taxi, cab, train, subway, boat, or plane?
Fare
The government does not monitor or regulate the economy with its fiscal and monetary policies.
TRUE or FALSE
False
gross domestic product (GDP)
The measure of the total value of all goods and services produced within the borders of a country?
Gross Domestic Product (GDP)
Fees for borrowing money that is generally a percentage of the amount borrowed?
Interest Rates
What are the 4 phases of the Economic Cycle?
expansion, slowdown, recession, and recovery
Who was the American economist that developed the gross national product (GNP) to measure the economy?
Kevin Banich, Simon Kuznets, or Simon Toth
Simon Kuznets