Economy Basics
This term describes the system of how money is made and spent in a country.
What is economy?
GDP stands for this three word phrase
What is Gross Domestic Product
This economic term describes rising prices over time.
What is inflation?
This economic indicator measures the percentage of people who cannot find jobs.
What is unemployment?
This policy is controlled by Congress and the President.
What is fiscal policy
Physical items people buy like phones, shoes, and food fall into this category.
What are goods?
GDP measures the total value of these two things produced in a country.
What are goods and services
A person who buys and uses goods or services.
What is a consumer
If many businesses close and workers lose jobs, this indicator will likely do this.
What is increase or rise
This policy is controlled by the federeal reserve
What is monetary policy
Work done for someone else, like teaching or cutting hair.
What are services?
If businesses produce more products and services, GDP will likely do this.
What is increase or rise
A person or business that makes goods or provides services.
What is a producer
If companies begin hiring more workers, unemployment will likely do this.
What is decrease?
The central bank of the united states
What is the federal reserve
This type of economy allows businesses and consumers to make most economic decisions.
What is market-based economy?
GDP is considered this type of economic measurement used to judge the health of the economy.
What is an economic indicator?
Money a business earns after paying expenses.
What is profit?
The type of unemployment when you are in between jobs or in the process of lookinig for one
What is frictional unemployment?
Changing interest rates is part of this type of policy.
What is monetary policy
An economy that combines free markets with some government control.
What is mixed economy?
If GDP falls for a long period of time, the country may enter this economic condition.
What is recession?
The next best choice you give up when making a decision.
What is opportunity cost?
The type of unemployment when your skills do not match the jobs available
What is structural unemployment?
Changing taxes or government spending is part of this type of policy.
What is Fiscal policy