Business Chapter 2 Test

Study of the choices made by people, companies, and governments to allocate society’s resources

Study of smaller economic units such as individual consumers, families and individual businesses

consumers will buy more or less when prices are lower

______ is the relationship between the production of goods & services the resources needed to produce them

Which curve is this

Job loss related to the time of year

_______ refers to Federal Reserve decisions that shape the economy by influencing interest rates and the supply of cash

Process of converting government-owned businesses to private ownership

Period of strong, robust economic growth and high employment

The economic system of the United States is

Federal Reserve (the Feds) make what

The supply curve is from whose perspective

Occurs when the average monthly inflation rate of more than 50 percent

The price associated with the point where the quantity demanded equals the quantity supplied

Federal Reserve rule which specifies the minimum amount of reserves a bank is required to hold.

____ is a market structure with only a handful of competitors selling similar products

The quantity of products that producers are willing to offer for sale at different market prices.

The demand curve is from whose perspective

____ is a market structure with many competitors selling differentiated products

collecting data on the consumption patterns of the households in a locality, is an example of

A(n) _____ is a structure for allocating limited resources

Government uses this to evaluate inflation

Includes all currency plus checking accounts and traveler’s checks

Individuals are free to choose how much they are willing to pay for products.

Which curve is this?

$825 million economic stimulus package by cutting taxes, building infrastructure, and investing in green energy

Study of a country’s overall economic dynamics Employment Rate, the Gross Domestic Product (GDP), & Tax Policy

Shortfall that occurs when expenses are higher than revenue over a given period of time.

the total value of all final goods and services through which the economic condition of a county is assessed 

 Overage that occurs when revenue is higher than expenses over a given period of time

Socialism and communism have what in common

Studying data to revising some of the taxation policies and gauging the employment is what

Period between contraction and expansion and has rising economic growth and employment

Evaluates the change in the weighted-average price of goods and services that an average consumer buys each month

____ is a market structure with just a single producer completely dominating the industry.