Economic Foundations

This is called the cost-of-living index, it measures the change in prices:

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

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

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

When demand exceeds supply, this will occur:

The combination of unlimited needs and wants with limited resources results in:

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

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

The low point of a recession just before recovery begins:

This is a period of prolonged and deep recession.

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

The measure of the goods and services produced using labor and property located in a country.

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

A tax placed on imported products to increase the price for which they are sold.

The government answers the three economic questions in a.

This is the measure of output per worker hour:

The largest consumer of goods and services in the United States is:

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

The ban against the export or import of certain products or trade with a particular country:

The employees of the business.

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

All economies in the world are really:

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

This is a period of economic growth and expansion.

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

The condition of the country’s roads, ports, sanitation facilities, and utilities.

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

The number one trading partner of the United States:

Private Enterprise, also referred to as Free Enterprise, is also known as:

This occurs when nations become connected through freely moving imports and exports.

Wrote a book called The Wealth of Nations in 1776 that advocated Capitalism:

The price is increased, less is demanded. When the price is decreased, more will be demanded.

All economies must answer the 3 basic economic questions of:

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

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

The high point of an economic recovery:

Anything in its natural state – oil, natural gas, coal, trees.

This is the welfare or state of being of the whole planet or between several countries.

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

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

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

This type of demand occurs when the demand for a product is NOT affected by changes in price.

This situation occurs when supply exceeds demand:

The way a nation makes economic choices:

This is the difference between the amount of a country's imports and exports.

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

This is the rivalry between two or more businesses.