Ch. 3 - Economies Review

The USA operates under which type of economy?

In this economy, the government makes economic decisions.

Measure the total output of goods and services within a country

way a nation makes choices about how thenation will use its resources 

T/F:Nations often find economic expansion difficult b/c they have a scarcity of natural res.

Consumer confidence is as its peak when the economy is in a:

6months (2 quarters) of economic slowdown, Workforcesdecreased, Lessmoney to spend

Another name for resources

Increase of economic activity

Thegeneral rise in prices

Measuresthe change in price over a period of time

Prolongedrecession, Nearlyimpossible to find a job, Businessesshut down

Computer, desk, machines are an example of:

Gov't dictates what school, job, and resources you will have.

Outputper worker over a specific period of time

Which is NOT a factor of production?

Economicexpansion & Newbusinesses start up

People find jobs, increased demand for goods

What measures the economic well being of a society?

A person's biggest concern of losing their job happens during a:

State-ownedindustries are sold to private industries and companies

The recurring changes in the economy

Electricity, roads, and ports are examples of:

Theskills of people who are willing to risk their time and money to run abusiness.

Thedifference between wants and needs and available resources.

Democracy, & free enterprise are associated with this economic philosophy.