Market Structures
This is a market structure that has many sellers, has identical products, and has consumers decide what to purchased based on price.
What is perfect competition?
This is the term for items that can be switched out for each other, typically when the price of one item is lower than the other.
What is a substitute?
What is a recession?
This type of economy is defined by government control over all aspects of economic control and decision-making.
What is communism?
This is the factor of production that involves people and the jobs that they do.
What is labor?
This economic indicator describes the increase of the cost of goods and services over time.
What is inflation?
This trade barrier prevents one country from trading with another country.
What is an embargo?
This is a market structure that is dominated by a single seller, which leads to high prices for products.
What is a monopoly?
This is the term for items that are typically bought together. If the price of one changes, the demand for the other will also be affected.
What is a complement?
This is when the economy enters into an excessively long decline in GDP.
What is a depression?
This type of economy is defined by letting buyers and sellers decide prices and making changes based on consumer behavior.
What is capitalism?
This is the factor of production that involves items in nature that are used in production.
What is land?
This economic indicator looks at the total production of final goods and services by a country in a given time period.
What is GDP?
This term describes when one country provides needed items or money to another country.
What is foreign aid?
This is a market dominated by a few large, profitable firms, where those firms agree on set prices and production levels.
What is an oligopoly?
The concept that when the price of something goes up, the quantity demanded for it will go down, and that when the price of something goes down, the quantity demanded will go up.
What is the law of demand?
This is the term used when the business cycle has reached its lowest point in economic contraction.
What is trough?
This type of economy is defined by doing things the way they have always been done in the societies that use them.
What is traditional?
This is the factor of production that involves man-made items that are used to create items.
What is capital?
This economic indicator looks at how many people are without jobs but are actively looking for jobs.
What is the unemployment rate?
This term describes items that countries create and then send to other countries.
What are exports?
This is a market structure where there are many companies competing in an open market to sell products that are similar, but not identical. Sellers must attract customers with something other than price.
This is the term used for items that people will buy regardless of changes in price.
What is inelastic?
A country getting involved in a war is an example of this type of variable that can affect the business cycle.
What is an external shock?
This type of economy involves taking pieces of different types of economies and combining them together.
What is mixed market?
This is the factor of production that involves someone starting their own business.
What is entrepreneurship?
This economic indicator is the cost of borrowing money from a bank or other financial service company.
What is interest rates?
This term describes items that countries receive from other countries when trading.
What is import?
This market structure is most commonly found in capitalistic societies.
What is monopolistic competition?
The direction a demand curve shifts when demand increases for a product.
What is to the right?
This is the term used when there is a decline in real GDP at the same time that prices are increasing.
What is stagflation?
Gerald is given cows from the government and told how much milk to produce each week, meaning he lives in this type of economy.
What is command?
These are the three basic economic questions used when discussing factors of production.
What are What to Produce, How to Produce, and For Whom to Produce?
This is the government organization that is responsible for making sure that unemployment is low and interest rates remain stable.
What is the Federal Reserve?
This is the effect of globalization for consumers in all countries.
What is having more products and producers available to them?