Economic Foundations

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

This is a period of prolonged and deep recession.

The ban against the export or import of certain products or trade with a particular country:

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

Created when ownership of a good or service is transferred from one person to another.

Created by changes in the form or shape of a product to make it useful.

This is the measure of output per worker hour:

The Market Price is found at the point where supply and demand curves meet.

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

The individual who takes the risk of owning and operating the business.

Money, tools, and equipment needed for production of products or services.

People have unlimited wants and needs, but economic resources are limited, this results in:

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

All economies must answer the 3 basic economic questions of:

Anything in its natural state – oil, natural gas, coal, trees.

The price is increased, less is demanded. When the price is decreased, more will be demanded.

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

Wrote a book called The Wealth of Nations in 1776 that advocated Capitalism:

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

This occurs when products are made available when they are wanted by consumers.

Based on independent decisions by businesses and consumers with limited government regulation.

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

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

The way a nation makes economic choices:

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

All economies in the world are really:

The high point of an economic recovery:

This is called the cost-of-living index, it measures the change in prices:

This situation occurs when supply exceeds demand:

This is the rivalry between two or more businesses.

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

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

Created when a product or service is available where it is needed or wanted by consumers.

A tax placed on imported products to increase the price for which they are sold.

This is a period of economic growth and expansion.

The employees of the business.

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

The condition of the country’s roads, ports, sanitation facilities, and utilities.

When demand exceeds supply, this will occur:

This is a period of economic slowdown. Unemployment begins to rise.

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

The low point of a recession just before recovery begins:

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

The measure of the goods and services produced using labor and property located in a country.

The government answers the three economic questions in a.

The number one trading partner of the United States:

The amount of satisfaction, or value, a consumer receives from product or service.