The Foundations of Economics
This field of study examines how societies allocate scarce resources.
What is economics?
This economic system is based on private ownership and profit-driven markets.
What is capitalism?
This is an attempt to make similar products appear different.
What is differentiation?
This measures the total value of goods and services produced.
What is GDP?
Inflation occurs when prices do this.
What is rise over time?
The two major branches of economics are these.
What are macroeconomics and microeconomics?
The central premise of socialism is to promote this.
What is social equality?
A few large firms dominate this type of market.
What is an oligopoly?
Technological advancements, leading to redundancy cause this unemployment.
What is structural unemployment?
This government index tracks monthly changes in consumer prices.
What is the Consumer Price Index (CPI)?
This is the process of increasing resources and making better use of them.
What is resource development?
In this system, the government makes almost all economic decisions.
What is communism?
This type of competition gives companies the most control over prices.
What is a monopoly?
This term describes two consecutive quarters of GDP decline.
What is a recession?
The Federal Reserve uses this policy to manage the money supply.
What is monetary policy?
He wrote "The Wealth of Nations" and is considered the father of modern economics.
Who is Adam Smith?
Capitalism relies on this mechanism to determine prices and production.
What is supply and demand?
Industries dominated by a few firms often have high costs of this.
What is market entry?
This new measure introduced in 2014 accounts for sales at all stages of production.
What is Gross Output (GO)?
Increasing taxes or government spending to control the economy is called this.
What is fiscal policy?
This term describes the process by which self-interest benefits the entire economy.
What is the invisible hand?
This term describes the migration of talented individuals away from socialist economies.
What is brain drain?
In perfect competition, sellers produce this kind of product.
What is a homogenous or identical product?
This unemployment measure occurs during economic downturns.
What is cyclical unemployment?
The four phases of business cycles include boom, recession, depression, and this.
What is recovery?