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Economic Systems
Mixed Economies
Supply and Demand
Business Cycle
Economic Indicators
100

The two main types of economic systems.

What are market and command?

100

Free enterprise is driven by the concepts (or laws) of _______ & _______

What is supply & demand?

100

When supply is greater than demand, this occurs.

What is a surplus?

100
In this stage of the business cycle unemployment is increasing and productivity decreasing
What is recession?
100

This economic indicator is the measure of people who are willing & able to work but who cannot find a job.

What is unemployment rate?

200

An early form of an economic system that was based on customs, religious beliefs and cultural practices

What is a traditional economy?

200

Takes care of the people's needs in a mixed economy.

What is the government?

200

When demand is greater than supply, this occurs.

What is a shortage?

200
In this stage of the business cycle unemployment is at its lowest and productivity high
What is prosperity?
200

This economic indicator tells us that the cost of living, or the prices of goods and services is increasing and getting more expensive.

What is inflation rate?

300

This economic system occurs when economic decisions are made according to the laws of supply and demand.

What is a market economy?

300
This mixed economy is characterized by government-owned industries and higher taxes
What is socialism?
300

This is the point where supply and demand are equal and maximum profit is expected to occur.

What is equilibrium?

300

In this stage of the business cycle unemployment is at its highest and productivity at its lowest.  A severe economic decline.

What is depression?

300

The economic indicators measures the total value of all goods and services produced within a nation in a given year.

What is gross domestic product (GDP)?

400

This type of economy is when a central authority makes the key economic decisions and the central authority is usually the government or state.

What is a command economy?

400

Takes care of people's wants in a mixed economy.

What is the marketplace?

400

Supply and demand have this type of relationship.

What is inverse?

400

A period of economic contraction lasting 6 months to 2 years.

What is a recession?

400
The amount of goods and services the average citizen can buy.

What is standard of living?

500

Most economies are a combination of command and market because they don't always work in practice.

What is a mixed economy?

500
This type of mixed economy, is characterized by government control: - Provide for the needs of all individuals (goal of economic equality) - Protect society’s interests - Everyone works & shares
What is communism?
500

When prices increase, supply will _________.

What is increase?

500

This phase of the business cycle sees businesses expanding, consumers spending and unemployment decreasing.

What is a recovery?

500

the total amount of money a government owes.

What is national debt?