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Business Cycle
Types of Economies
Vocabulary
Banks
Misc.
100
When a market experiences an economic boom what is the negative effect?
What is inflation
100
The U.S. economic system can be described as this
What is a Market Economy
100
These are shares of ownership of a corporation
What are stocks
100
If a person's appliance breaks and they need it fixed now they would use this type of credit
What is short-term credit
100
Wholesalers get their product from where?
What is the manufacture
200
The Law of Demand states that when prices increase demand will ___________
What is decrease
200
This type of economy is found in rural societies
What is traditional economy
200
lack of a particular resource
What is scaricity
200
This government organization was established to prevent bank failures
What is the Federal Reserve System
200
Currency must be easy to carry, backed by the government and ______________
What is durable
300
This occurs when a country buys more than it sells
What is a trade surplus
300
In this type of economy the government controls every aspect of business
What is command economy
300
This is the dollar value of all goods and services produced annually in the United States
What is Gross Domestic Product
300
The most numerous banks in the United States are this type of bank
What are Commercial Banks
300
When one company controls every aspect the market it is called this
What is a monopoly
400
Washington D.C. is responsible for printing this type of money
What is paper money
400
this is an economic system in which the means of production are privately owned
What is corporation
400
This is a small business owned by one person
What is a sole proprietorship
400
If a person needs to buy a home they will use this type of credit
What is long-term credit
400
The American Red Cross is an example of this
What is a non profit organization
500
The law of supply states that as prices increase, supply will
What is increase
500
this is the money a business has left after it has paid expenses
What is profit
500
These are corporate profits paid to stockholders
What are dividends
500
The FED is another name for the
What is The Federal Reserve Bank
500
This is a person who organizes, manages, and assumes the risks of a business
What is an entrepreneur