Economic Systems
This Economic system is based on customs and traditions
Traditional Economy
This is what GDP stands for
Gross Domistic Product
This is the name of the Orange Ninja Turtle
Michelangelo
This is the indicator used to measure the amount of money borrowed by the federal government
National Debt
The Government makes all production and distribution of goods decisions in this economic system
Command Economy
This is the term you use when your imports exceed your exports.
Trade Deficit
This country has the second largest population and used to have a command economy
China
This is necessary to keep prices down and innovation high
In this economic system innovation is key to sucess of a business
Market Economy
Real GDP removes this factor to get a more accurate perception on a country
Inflation
This is the marketing mix
This is when you consider all possible outcomes before making an ethical business decision
Evaluating Alternatives
The market economy system is based on this principle, which determine the prices of goods and services.
Supply and Demand
This is what you call it when a countries GDP does not grow for a period of 6 months or longer
Recession
This was the richest man in the world in 2008
Warrenn Buffet
This is the most common economic system in the world today.
Mixed Economy
This is what you call the process in which a central authority makes all of the major economic decisions in a command economy, including what is produced, how it is produced, and who gets to consume it.
Central Planning
This is a metric used to determine the amount of money earned per individual in a nation
Per Capita Income
This company has the largest market cap in the world
Apple
These 3 things happen durring a depression
Millions Out of work
Businesses Fail
Economy operates far below capacity