Part 2 Intro to Business 1st Semester Final

An economic system—also known as the private enterprise or free market system—based on private ownership, economic...

A structure for allocating limited resources.

The total amount of money within the overall economy.

Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money.

The graphed relationship between price and quantity from a customer demand standpoint.

Privately owned financial institutions that accept demand deposits and make loans and provide other services for the...

A period of rising average prices across the economy.

A period of rising economic growth and employment.

A market structure with many competitors selling virtually identical products. Barriers to entry are quite low.

The total value of all final goods and services produced within a nation’s physical boundaries over a given period...

The process of converting government-owned businesses to private ownership.

An economic and political system that calls for public ownership of virtually all enterprises, under the direction...

A federal agency that insures deposits in banks and thrift institutions for up to $250,000 per customer, per bank.

The quantity of products that producers are willing to offer for sale at different market prices.

A rule set by the Fed, which specifies the minimum amount of reserves (or funds) a bank must hold...

Economies that embody elements of both planned and market-based economic systems.

The price associated with the point at which the quantity demanded of a product equals the quantity supplied.

Anything generally accepted as a medium of exchange, a measure of value, or a means of payment.

The percentage of people in the labor force over age 16 who do not have jobs and are actively seeking employment.

The periodic contraction and expansion that occur over time in virtually every economy.

A measurement of the value of one nation’s currency relative to the currency of other nations.

The graphed relationship between price and quantity from a supplier standpoint.

A permanent global institution to promote international trade and to settle international trade disputes.

The Federal Reserve function of buying and selling government securities, which include treasury bonds, notes, and bills

An economic downturn marked by a decrease in the GDP for two consecutive quarters.

The quantity of products that consumers are willing to buy at different market prices.

A basic measure of the difference in value between a nation’s exports and imports, including both goods and services.

An economic system based on the principle that the government should own and operate key enterprises...

The application of right and wrong, good and bad, in a business setting.

The world’s largest common market, composed of 28 European nations