Gross Domestic Product
The 3 components of GDP
What is consumer spending, business spending, and government spending?
A measure of the average change in the price paid by consumers for typical consumer goods and services over time
What is consumer price index?
Alternating periods of expansion and contraction
What is business cycle?
Historically the government has played a limited role in the economy
What is yes?
The largest living land animal
What is the elephant?
All purchases made for capital goods and construction
The amount a borrower pays to a lender for a loan
What is intrest?
A period when the economy is growing and the GDP is rising
What is expansion?
What is free enterprise?
The most popular dessert in France
What is creame brulee?
Everything people buy for personal use
What is consumer spending?
Financial well being of the average person living in a country
What is standard of living?
The lowest stage in the cycle and usually marks the end of a recession
They have the power to regulate commerce and become involved in business and labor matters
What is the government?
The most popular food in America
What is french fries?
Spending by national, state and local governments
What is government spending?
A market structure with one business that has complete control of a markets entire supply of good and services
What is monopoly?
A severe period of economic contraction lasting a long period of time
What is depression?
The policy in which the government shouldn't interfere with market forces at work
What is laissez-faire
The most popular shoe brand in the U.S.
What is Nike?
The definition of GDP
What is market value of all final products produced in a country during a specific period of time?
Large number of businesses selling the same product at the same time
What is a perfect competition?
A period of significant decline in the total output, income, employment, and trade in the economy
What is recession?
Laws necessary for economic interaction
What is a regulator?
The capital of Ecuador
What is Quito?