Key Economic Measurements
Free Enterprise System
Types of Businesses
Comparative vs. Absolute Advantage
Supply and Demand
100
This measures the total monetary value of all final goods and services produced within a country's borders in a specific time period.
What is GDP?
100
This principle allows individuals to own and control their businesses and property.
What are private property rights?
100
This type of business is owned by one individual who receives all profits and bears all losses.
What is a sole proprietorship?
100
This is the ability of a party to produce a greater quantity of a good or service than another party.
What is absolute advantage?
100
This curve illustrates the relationship between the price of a good and the quantity supplied.
What is the supply curve?
200
This economic phenomenon indicates an increase in the general price level of goods and services over time.
What is inflation?
200
This term describes the variety of goods and services produced in an economy due to competition.
What is consumer choice?
200
This business structure involves two or more individuals who share ownership and responsibilities.
What is a partnership?
200
This is the ability of a party to produce a good or service at a lower opportunity cost than another party.
What is comparative advantage?
200
This term refers to a situation where the quantity supplied exceeds the quantity demanded at a given price.
What is a surplus?
300
This rate is calculated by dividing the number of unemployed individuals by the total labor force.
What is unemployment?
300
This government role ensures fair competition and prevents monopolies from dominating the market.
What is regulation?
300
This type of business limits the liability of its owners and allows for easy transfer of ownership through the sale of shares.
What is a corporation?
300
Which country has the absolute advantage in Corn?
What is the United States?
300
This curve represents how much of a good consumers are willing to buy at various prices.
What is a demand curve?
400
This term describes the economic condition when demand exceeds supply, often leading to rising prices.
What is a demand-pull inflation?
400
This term refers to the economic system where the government plays a minimal role and individuals have the freedom to make economic choices.
What is a free market economy?
400
This term describes a business model that combines elements of both public and private ownership.
What is a Limited-Liability Corporation?
400
Which country has the comparative advantage in avocados?
What is Mexico?
400
This term describes the price at which the quantity demanded equals the quantity supplied.
What is the equilibrium price?
500
This term refers to the total market value of all finished goods and services produced by a nation in a given year, adjusted for inflation.
What is Real GDP?
500
This term describes the process by which businesses provide goods and services to the public while generating profits.
What is entrepreneurship?
500
This business structure is owned by shareholders and is intended to benefit the public rather than maximize profits.
What is a non-profit organization?
500
In production, this term highlights the benefits of specializing in certain products to maximize efficiency.
What is specialization?
500
This situation occurs when there is not enough supply to meet demand at a given price.
What is a shortage?