Economic Basics

drastic unemployment increase & severe decrease in economic activity for a long period of time

Which of the following best describes Capitalism?

A market economy usually has one person or a group of persons making production decisions.

True or False: Economic Resources are also called Factors of Production.

Which of the following is defined as two or more consecutive fiscal quarters of decreasing GDP?

Which of the following best describes Resources?

Employee productivity measures the total goods and services produced in a country.

Which phase can be defined as a period of increasing economic activity?

Which phase is defined as the period of lowest economic activity?

Total output of goods and services produced in a country.

What type of economic system is North Korea?

The amount of product available in a market is known as?

Which of the following best describes Economics?

This occurs when the quantity of a product supplied matches the quantity demanded.

Which of the following can be defined as the taxes placed on imports?