Chapter 1-4

The government helps businesses through regulation by protecting against monopolies.

What resource is this an example of: a tool a human uses to complete a service.

A period in which demand begins to decrease, production lowers, unemployment begins to rise, and GDP growth slows down.

Inflation is a decrease in overall prices while Deflation is an increase in overall prices.

Things that bring you comfort are ___ while things you have to have in order to survive are ___.

Government actions meant to promote competition and fairness and to avoid monopolies by preventing deceptive actions.

A patent last life plus 70 years while a copyright lasts 20 years.

In order, list the Business Cycle. Starting witht he best possible economic situation.

What is an Economy?

The value of the next-best alternative that you were not able to choose.

The 3 types of Resources are Human, Animal, and Capital.

Define Social Responsibility in the Business World.

The principles of morality or rules of conduct.

Not having enough resources to satisfy every need is scarcity.

A phase marked by a prolonged period of high unemplyment, weak consumer sales, and business failures.

What are the 3 Protections for Intellectual Property?

What is the relationship between supply and demand?

The Economic System where the government controls everything.

Raw materials supplied by nature.

Tradional Economy's are usually in ____.

What Economic System does the United States have?

A way to measure the overall Economy.

What is Coach Hale's favorite color?

What are the 4 types of Economic Systems?

The point where supply and demand intersect.