Personal Finance Unit 1

Gross Domestic Product, the Business Cycle, and Inflation rate are known as:

Land, Labor and Capital are known as

Econ indicator that measures a nation's output:

What happens to the unemployment rate during the recovery stage of the business cycle?

The current unemployment rate is approximately:

Spending more than you make in a given time period

If the demand stays the same, but the supply increases, what happens to price?

How prepared are you for the exam?

True or False: During the peak phase (prosperity) of the business cycle, prices can go up.

Which of the following products has inelastic demand?

During this stage of the business cycle the GDP is at maximum output.

This condition is the basic economic problem:

When the demand is not impacted by a change in price

During this stage of the business cycle, GDP is negative for 2 consecutive quarters:

SMART Goals:

A loan to an unqualified borrower; interest rate associated with it:

true or false: 100% employment is probable.

An undesired economic condition when prices are inflated artificially: