Economics - Market Economy

A transaction in which no physical goods are transferred between the buyer and seller is an example of

The continual fluctuations that occur in the GDP are part of

The more rare a commidity is, the more valuable it becomes is best described by

This branch of economics deals with small scale economies such as a household or small business

A market in which there is little, or no, interference from outside influences is described as a

Which of these is NOT one of the 4 factors of production?

Quantity purchased varies inversely with price is a principle of this law

If I purchase a brand new television with all the bells and whistles, the TV I purchase is an example of

This branch of economics deals with large scale economies

The unseen force operating within a free market economy is called

Because resources are limited, it is impossible to supply the needs and wants of all people simultaneously

Whenever you go to the store and purchase something, in economic terms you are the

Which of these countries is an example of a Mixed Economy?

The point at which supply meets demand perfectly is called

In this type of economy, the government dictates what goods are produced and sold

As prices rise, production also rises is best described by

When a company does not produce enough of a good that is in high demand

If a company produces more of a good than it can sell, the company experiences a _______

Starting in 1929, the U.S. economy was stuck in an economic downturn known as the "Great ________"

This occurs when the growth of the economy declines for at least 2 consecutive quarters

These are the people or firms that create items to be sold

Farming is a typical activity in this type of economy

If I have to give up going to a movie because I attend a baseball game instead, the movie is my

The decline in the purchasing power of money over time is called

This is the time period that is used for taxation or accounting purposes