Unit 4 Economic Foundations

The low point of a recession just before recovery begins:

The quantity of a product that producers are willing and able to produce at a given price:

This is the difference between the amount of a country's imports and exports.

Credit cards increase __ by making products more attainable for some customers.

The combination of unlimited needs and wants with limited resources results in:

This is a period of economic growth and expansion. 

This is a period of renewed economic growth following a recession or depression.

When demand exceeds supply, this will occur:

This utility is created when a product or service is available when it is needed by consumers

This is a period of economic slowdown.

Which of the following best describes the role of the government in a Free Enterprise economy?

The quantity of a product consumers are willing and able to buy at a given price:

Which of the following is NOT a characteristic of Private/Free Enterprise?

This measures the change in price of some 400 retail goods and services 

This is the welfare or state of being of the whole planet or between several countries.

Packaging milk in smaller containers to meet the demand of people living alone is an example of

This type of demand occurs when the demand for a product is NOT affected by changes in price.

Which form of government is most closely associated with Private/Free Enterprise?

Price increase = demand decrease.  Price decrease = demand increase. This is known as _

What is another name for the point where supply and demand curves meet?

This occurs when nations become connected through freely moving imports and exports.

This is the individual who takes the risk with time and money of owning and operating a busines

This country is the largest trading partner of the United States in natural resources.

A business that schedules its hours to better meet consumer needs is providing place utility.

Which needs are satisfied and how resources are distributed in a country depends on:

This term refers to the constant changes and ups and downs in economic growth:

These resources are employees of the business

This is the measure of output per worker hour:

This situation occurs when supply exceeds demand:

This person wrote a book called The Wealth of Nations in 1776 that advocated Capitalism:

This refers to rising prices. A low rate (1-5 percent) shows that an economy is stable.

A well-located drive-through window adds value to a bank's services by providing:

These resources such as money, tools, and equip needed for production of products or services 

McDonald’s is open 24 hours a day. This illustrates time utility.

This system is based on decisions by businesses/consumers with limited government regulation.

This is created when ownership of a good/service is transferred from one person to another

Which of the following countries is the best example of a Controlled or Command Economy?

This is a period of prolonged and deep recession. 

This is the rivalry between two or more businesses.

These are resources in their natural state such as oil, natural gas, coal, trees

The largest consumer of goods and services in the United States is:

Form utility results from changes in the tangible parts of a product or service.

This is a measure of the goods/services produced using labor and property located in a country.

All economies are really mixed economies because all have some degree of government involvement

In a Controlled or Command Economy, the _____________ answers the three economic questions.

The basic economic problem is:

Private Enterprise, also referred to as Free Enterprise, is also known as:

Economic utility is the amount of __ a consumer receives from the consumption of a product

The high point of an economic recovery:

A government ban against the shipment of certain products to a particular country 

The questions of what to produce, how to produce, and for whom to produce are referred to as: