Economic Indicators
The market value of all final products produced in a country during a specific time period.
What is Gross Domestic Product (GDP)
Marks the end of expansion and is the highest point in the business cycle.
What is the PEAK?
A market structure with one business that has complete control of a market's entire supply of goods and services.
What is Monopoly?
The central bank of the USA, created by Congress in 1913.
What is the Federal Reserve System?
The U.S.A., Japan, and South Korea all have this type of economic/political system.
What is Capitalist/Democratic?
The rate of change in prices calculated on a monthly or yearly basis, expressed as a percentage.
What is Inflation Rate
The lowest stage of a business cycle and marks the end of recession.
What is a TROUGH?
A market structure with a small number of businesses selling the same or similar products. Ex. Airline Industry, Utility Companies, Railroads
What is an Oligopoly?
General category of laws that promote fair trade and competition among businesses.
What are Antitrust Laws?
In a Command/Communist system, who makes decisions about what should be produced, how they are produced, and for whom they will be produced?
What is the government?
A measure of a worker's production in a specific amount of time, such as an hour, a day, or a week.
What is productivity?
This period follows the peak in the business cycle and is a period of decline in the total output, employment, and trade in an economy.
What is RECESSION?
A large number of businesses selling similar, but not the same products and at different prices.
What is Monopolistic Competition?
Tax and spending decisions made by the president and congress.
What is the Fiscal Policy?
True or False? Most economies are mixed.
What is True?
A system and marketplace for buying and selling stocks.
What is the stock market?
This period of economic contraction is severe and lasts a long time.
What is DEPRESSION?
Characterized by a large number of businesses selling the same products at the same prices.
What is perfect competition?
Policy that regulates the supply of money and interest rates by a central bank in an economy.
What is Monetary Policy?
True or False? All economies are based on how they deal with scarcity.
What is TRUE?
The percentage of the civilian labor force that is unemployed.
What is the Unemployment Rate?
The alternating periods of expansion and contraction in the economy.
What is the BUSINESS CYCLE?
A competitive advantage based on factors other than price.
What is Nonprice Competition?
The general term for activities involved in buying and selling goods on a large scale, such as statewide, or nationwide.
What is Commerce?
True or False? The characteristics of a free enterprise system include Competition, Private Property, Economic Freedom, Voluntary Exchange, but not Profit.
What is False?