GFL Economics (Strand 1 Standard 1 & 2)

an economy in which production, investment, prices, and incomes are determined centrally by a government.

a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth.

a economic concept that describes the total amount of a specific good or service that is available to consumers.

period of declining economic performance across an entire economy that lasts for several months.

The total value of goods produced and services provided in a country during one year.

Which is a close example of a command economy?

All economies are either command or market economies. There are no mixed economies.

The branch of knowledge concerned with the production, consumption, and transfer of wealth.

Principle referring to consumer's desire to purchase goods & services & willingness to pay a price for it.

Finance is NOT considered a subset of economics

reduction of the general level of prices in an economy. This might sound good, but it is normally a bad thing.

Historically free market systems and property rights correlate with economic prosperity.

The United States of America is considered a Mixed Economy

Bank of Banks, Prints Money, Adjusts interest rates, goals of maximum employment and stable prices.

Which of the following is a factor of production?

The demand for a good or service is greater than the availability of the good or service.

An economic system combining private and public enterprise.

A theory that explains the interaction between the sellers of a resource and the buyers for that resource.

What you give up when you make a decision.

Citizens have private property and Supply and demand direct the production of goods and services.

System relies on free market aspects, but has the government run or own parts of the economy to support the people.

Which is are close examples of a Free Market Economy or the most free economies?

Controls Taxes and Spending. Tells the bank of the banks what to do.

a general increase in prices and fall in the purchasing value of money.

occurs within an economy when total output is either declining, flat, or growing slowly.