Business cycle
What causes prices to rise in the economy?
Inflation
What is an Incentive?
Something that motivates a person to do something
Whats an example of pure/perfect competition?
Milk, Corn
What is Economics?
The study of how we make decisions in a world which resources are limited
In What economy does the government make all decisions?
Command economy
CPI Measures the rate of what?
Inflation
When employees get a portion of the company’s profits, that is what?
PROFIT SHARING
What kind of competition does Monopolistic competition use?
NON-PRICE COMPETITION
Demand for a good is greater than the availability of the good or service is what?
Scarcity
In what economy do private individuals control the factors of production?
Market Economy
This is the dollar value of all goods and services produced in a country within a year
GDP
What is money awarded to businesses?
BUSINESS GRANTS
Occurs when one company controls manufacturing methods or has the exclusive rights to produce it
Technology Monopoly
The price at which a good or service can be purchased or sold is called?
The price at which a good or service can be purchased or sold is called?
What is the governments only role in a market economy?
to ensure competition
What market do Stock prices rise in?
Bull Market
What is a stock option?
Where employees can acquire ownership in the business through stock
What is an example of a Antitrust Exemption Monopoly?
NBA,MLB
What are two types of economic systems?
Traditional, Command, Market, Mixed
What economy is based on custom and traditional beliefs?
Traditional economy
What is the percentage of people in the civilian labor force who are not working, but currently looking for work?
Unemployment rate
What are some goods with incentives for consumers?
Solar panels, Farming, Electric vehicles
In a monopoly only one seller of a particular product dominates the market with at least what % Control?
75%
A Economic system is what?
A way a group of people produce the things they want and need.
In what economy is there some individual freedom, some government control?
Mixed Economy