SEM: Economics

The low point of a recession just before recovery begins:

This is the rivalry between two or more businesses.

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

This is a period of economic growth and expansion.

This is the measure of output per worker hour:

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

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

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

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

All economies must answer the 3 basic economic questions of:

Combination of unlimited needs and wants with limited resources results in (resources< wants):

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

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

This situation occurs when supply exceeds demand:

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

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

All economies in the world are really:

The way a nation makes economic choices:

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

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

The high point of an economic recovery:

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

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

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

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

When demand exceeds supply, this will occur:

This is a period of prolonged and deep recession.

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

The government answers the three economic questions in a.

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

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