Show:
Economies
supply and demand
gross domestic product
Inflation
business cycle
100
an economy that has no government control over the market
What is market economy
100
quantities of a particular good/service
What is demand
100
total value of goods and services a country is producing.
What is GDP
100
general increase in the cost of goods and services.
What is inflation
100
prosperity,rescission,depression,recovery
What is 4 phases of the business cycle
200
An economy with the most government control
What is Command economy
200
the amount of what you are selling.
What is supply
200
measured by, consumer goods and services, business goods and services, gov't goods and services, gov't goods and services to other countries.
What is GDP
200
A device used to change the prices of goods and services over time.
What is Consumer Price Index
200
low unemployment, more spending
What is prosperity
300
the basics of living
What are needs and wants
300
the more sales the more supply, the less sales the less supply.
What is the law of supply
300
The amount of Goods and Services an average citizen can buy.
What is standard of living.
300
This can happen when the economy becomes too active.
What is inflation
300
loss of jobs, spending decrease
What is recession
400
To sell a product/ having something preformed for you.
What is goods and services
400
the more and object is bought its price goes down and when less of it is bought its price goes up.
What is the law of demand.
400
an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year.
What is Real GDP
400
when prices fall, and occurs less than inflation
What is deflation
400
slow increase of jobs, slightly increased spending
What is recovery
500
There are more wants than what a business can provide
What is basic economic problem
500
when both consumer and producer are satisfied
What is equilibrium
500
a measure of the total output of a country that takes gross domestic product and divides it by the number of people in the country.
What is GDP per capita
500
(blank) goes up when prices go up, during inflation.
What is demand
500
mass unemployment, little to no spending, alcoholism, deep sadness
What is depression