Supply and Demand
When the price of an item goes up, the quantity a producer will supply of an item will go (Down or Up)?
Up
The study of the economy as a whole and the study of how the government makes large scale decisions about its economic resources is called _____________ economics.
Macroeconomics
The standard of living is sometimes called what?
Quality of Life
This phase of the business cycle is a time when the country experiences high GDP and low unemployment for a long period of time
Expansion/Prosperity
This type of economy has free trade, people get to choose where they would like to work, and have choices to buy what they want to buy, and start what types of businesses they want to start.
Market Economy
The quantity of a product that consumers will want at a given price is called the
Demand
The study of how individual consumers make economic decisions is called
micro economics
The amount of work a worker can produce in a given hour is called
Labor Productivity
This phase of the business cycle is when the country experiences a 6 month or longer downturn in the economy. GDP goes lower and unemployment starts to rise
Recession
This type of economy is where the government owns the means of production, and the government distributes all of the goods and services to consumers
Command
The amount of a product that suppliers will produce at a given price is called the
The political system most closely associated with a market economy is called
Capitalism
The amount of goods and services produced within a countries border in a given year is called?
Gross Domestic Product
Business cycle phase where economy is very bad. Extremely low GDP and high unemployment
Depression
What are the three basic economic questions?
What is produced?
For whom are goods distributed to and made for?
How are goods and services produced?
Price and Quantity have a ______________ relationship for Demand
Inverse
The best phase of the business cycle to start a business during would be what?
Expansion or Recovery
The amount of people in the US who cannot find a job but would like a job and are able to work is the _____________________ rate
Unemployment
This phase occurs after a recession or a depression. Rising GDP and falling unemployment
Recovery
This economic system is characterized by customs and trades that are passed down from many generations. People make what they need to survive and may trade with people in their immediate area.
Traditional Economy
The demand of a ____________________ good will increase when the demand for the other product increases
Toilet paper is an example of what type of good?
Elastic or Inelastic
Inelastic....people will buy it no matter what it costs
Normal inflation is between what two percentages?
1-3%
What phase of the business cycle would non-profit organizations and charities most likely be the busiest during?
Depression
Most countries in the world are this type of economic system
Mixed Economies