Intro- UNIT 1 (Ch. 2-3)

The repeated boom and bust cycles of a capitalist economy

The theory that designing products to fail faster will stimulate frequent sales

The amount of goods and services that consumers will buy at various prices

A lack of resources is known as...

The desire to compete and be the best in a market (capitalist) economy

A direct relationship between price and quantity? 

A key characteristic of a COMMAND economy:

In which market structure could cartels exist?

The amount of goods and service that producers will produce at various prices

Economists argue that the most efficient type of economy is the....

The balanced point where the supply in the market is equal to the demand in the market.

The rising of prices and falling of purchase value of money

A MARKET economy contains which key characteristic:

The very first US economy was based on

GDP, unemployment rate, inflation, and national debt are all examples of?

Which market structure has many sellers, inferior products, and are price takers?

An inverse relationship between price and quantity? 

When DEMAND is much greater than SUPPLY:

What can help a struggling economy?

When SUPPLY is much greater than DEMAND:

The desire to fulfill the wants and needs of consumers while making money

What determines how much an individual can buy (consume) in a free market economy?

The biggest contributing factor to GDP

The Federal Reserve controls

GDP stands for: ______________ which is the total sum of goods and services produced in a year

Which is NOT one of the THREE economic questions?

If a U.S monopoly did exist it is probably one of these regulated by the government. Which of these is not?

The latin phrase that in economics means "all things remaining equal"