GDP (Gross Domestic Product)
Market value of all final products produced in a country during a specific period of time
What is GDP?
Described as how a market is organized based on the number of business competing for sales in an industry
Define conduct between individuals in situations such as contracts and property
What are Civil Laws?
Described as a very severe period of economic contraction lasting a long period of time
What is a depression?
Raw materials found straight from the earth
What are Natural resources?
GDP of a nation divided by its population
What is per Capita GDP?
The 2 main types of market structure
What is a monopoly and an oligopoly
Public education, construction of roads, police and firefighters
What are public goods and services?
A term described as the lowest stage of a business cycle and usually marks the end of a recession
What is a trough?
Resources used to create products and services
What are Capital Resources?
Includes spending by national, state, and local governments such as national defense, police and fire protection, roads, and many social programs
What is government spending?
Described as a market structure with one business that has complete control of a market's entire supply of goods and services
What is a monopoly?
Actions that are defined as unsafe to the general public
What are Criminal Laws?
The point of the business cycle where workers are cut and pay wages decrease
What is a peak?
The need for new and improved goods and services
What are Entrepreneurial Resources?
Includes all purchases made for capital good and construction: factories, machines, and warehouses “investment spending”
Business spending
Described as a large number of businesses selling the same product at the same prices
What is Perfect competition?
How congress spends and uses tax money to attempt to boost or slow the economy
What is Fiscal policy?
The part of the business cycle where pay wages and production increase
What is expansion?
Shortage of resources
What is scarcity?
Economic growth rate shows the amount and direction of the change in GDP for a specific period of time
What is Growth Rate of GDP?
Described as a large number of businesses selling similar, but not the same, products at different prices
What is monopolistic competition?
The system that the United States has about business and what you can do
What is Freedom of Choice?
The names of every step of the business cycle
What is expansion, peak, recession, depression, and tough?
Components necessary to produce a society’s goods and services
What are Factors of production?