B184 Economics Review Game

During a recession, Gross Domestic Product (GDP) will...?

Economic system where life is stable but provides low standard of living.

Angela, who is in the military and John, who is retired, are part of the unemployment rate?

What is the equilibrium price?

__________ is the quantity of products that producers are willing and able to sell.

A tax that raises the price of ice-cream will cause the demand for ice-cream to __________?

A person who buys & uses goods & services?

General rise in level of prices throughout the economy is known as?

What must be given up as a result of another decision. This is called a...?

Economic system in which decisions on production & consumption are based on voluntary exchange.

The study of how society uses resources to produce goods & services, satisfying wants & needs.

Good weather increases the production of wheat causing a surplus, this will cause price to....?

Winter freeze decreases the production of apples, this will result in a _____________ in price?

A shortage exists in the market for a good, this will cause the price of the good to?

Measure used to compute the rate of inflation is?

During this phase prices rise, GDP rises, & job growth occurs.

People decide what to do or make. There is a lot of competition. Businesses make profits.

Not all basic needs are guaranteed, high degree of uncertainty. Individual freedom.

A basic right of a market economy is the right to own private property?

A shortage in apples would cause apple prices to:

Supply refers to the quantity supplied of a good that sellers are able & willing to sell?

Study of how society chooses to employ resources to produce, distributing them for consumption.

What is the equilibrium price & quantity?

Total value of a country's output in a given year is known as?

When a surplus exists in a market for a good, the price of the good will tend to __________?

CPI measures changes in the price of a market basket of goods purchased by a household?

Economic system which combines free market with limited government involvement.

If there is a high profit on a certain good and more sellers enter the market, prices will...?

During this phase there is a long term major slowdown, unemployment soars, & firms fail.

During this phase unemployment rises, spending is low, & profits are low (6-12 months).

Most current economies are?

Unemployment is high & standard of living is low, to adjust to this restaurant prices will?

Quantity consumers are willing and able to buy at different prices at a specific time.

Capitalism consists of the following:

Economic system in which central government makes all decisions on productions & consumption.

What are requirements to be considered unemployed?

Quantity of products that manufacturers are willing to sell at diff. prices at a specific time

An economy that has SOME businesses being owned and operated by the government.

Economic system that relies on habit, custom, or ritual to decide questions of productions.

Economic system in which most factors of production are privately owned & operate for profit

The quantity consumers desire to buy equals the quantity sellers desire to sell.

Business is the producing & selling of goods & services that satisfy the needs of society.

The quantity demanded of a good falls when the price of the good__________?

The problem with unlimited human needs & wants, in a world of limited resources.

Buying power of the dollar _________ during a period of inflation?