Unit 3 - Economics Review (Business Explorations) Strykowski

The management of the money supply and interest rates by the federal government is called:

An economic system based on capitalism and partial government control

Which of the following are NOT major indicators of the economic condition of the United States?

Looking at the law of demand, as price increases quantity does what?

Which of the following is NOT one of the five basics rights under capitalism

The study of how a society uses its resources to produce goods and services

An economy where prices of goods and services are determined in a free price system

The point at which the supply curve and the demand curve intersect.

Who is considered to be the father of economics?

Looks at the behavior of individual people and organizations in specific markets.

What type of economics looks at the operation of a nation’s economy as a whole?

The federal government increasing or decreasing taxes and/or government spending

The quantity of products that manufacturers or owners are willing to sell at different prices

What was the name of Adam Smith’s book?

The total value of goods and services provide in a country in a given year.

When a nation’s GDP declines for two consecutive quarters, it is known as what?

North Korea & the former Soviet Union are examples of countries that have this type of economy

If a surplus exists what should the supplier do to the price of the product.

A name for an extremely severe recession

When there is a larger demand of a product than supply, this occurs.

The quantity of products that people are willing to buy at different prices at a specific time.

What is the popular name for a free-market economy based on the principles of Adam Smith?

A person who is seeking a job but has not found work in the last four weeks is consisted:

An economic system based on original customs and beliefs