Economics
The market value of all final products produced in a country during a specific time period
What is gross domestic product?
When the economy expands and retracts, it is known as
What is a Business Cycle?
How a market is organized based on the number of businesses completing for sales in an industry
What is Market Structure?
The government fines a tire company that is dumping chemicals into the local water supply.
What is externality?
When a consumer buys an item based on the cost
What is Price Competition?
An investment where you loan money in exchange for interest over time
What is a Bond?
A period of slow or no growth, output and employment decline
What is Contraction?
One business that has complete control of a market's entire supply of goods or services
What is Monopoly?
The government does two things to help the economy
What is regulate and provide?
When a consumer buys a product because of the color, quality, or other factors.
What is nonprice competition?
An investment where you buy a piece of ownership in a corporation
Height of expansions and lasts until growth begins to slow
What is Peak?
When a small number of businesses are selling the same or similar products
What is Oligopoly
If you purchase eggs for $2 last year and $6 dollars this year, there has been this
What is inflation?
A law that requires businesses to report mergers to the Department of Justice and FTC
When a person is actively looking for a job but does not have one
What is unemployment?
Period when business activity is growing
What is Expansion?
When a large number of businesses are selling similar, but not the same, products and at different prices
To stop an economy from growing too fast, the Federal Reserve raises this
A law that makes monopolies and price fixing illegal
What is the Clayton Antitrust Law?
The measure of the average change in prices paid by consumers for typical goods over time
What is Customer Price Index?
Occurs when a contraction stops
What is trough?
When a large number of businesses selling the same product at the same prices
What is Perfect Competition?
The government manages the economy using these policies
An act that protects against unfair competition in interstate commerce including false advertising, breaches in security, and telemarketing
What is the Federal Trade Commission Act?