Show:
Factors of Production
Economic Systems
Economic Indicators
Business Cycle
100
Raw materials from nature that are used to produce goods.
What are natural resources?
100
An economic system in which economic decisions are made by the market place.
What is a market economy?
100
The total value of the goods and services produced in a country in a given year.
What is Gross Domestic Product or GDP?
100
When economic activity is slowing down, the economy is entering...
What is a recession?
200
People who make the goods and services for which they are paid.
What are labor resources?
200
An economic system in which a central authority makes the key economic decisions.
What is a command economy?
200
The level of material comfort as measured by the goods and services that are available.
What is standard of living?
200
A deep recession that affects the entire economy and lasts for several years is called a...
What is a depression?
300
Things used to produce goods and services, such as buildings, materials and equipment.
What are capital resources?
300
An economy that contains both private and public enterprises.
What is a mixed economy?
300
The general increase in the price of goods and services.
What is inflation?
300
A rise in business activity after a recession or depression is referred to as...
What is recovery?
400
Used by people who recognize opportunities and start businesses.
What are entrepreneurial resources?
400
The amount or quantity of goods and services that producers will provide at various prices.
What is supply?
400
The general decrease in the price of goods and services.
What is deflation?
400
A peak in economic recovery.
What is prosperity?
500
Lack of resources.
What is scarcity?
500
The point at which quantity demanded and the quantity supplied meet.
What is the equilibrium price?
500
When the government spends more on programs that it collects in taxes the difference is called...
What is a budget deficit?
500
During the Great Depression, between 1929-1933, the number of people out of work rose nearly ____ percent, from 1.6 million to 12.8 million.
*See page 46 of our textbook.