Unit #4: Economic Foundations

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

The high point of an economic recovery:

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.

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

The employees of the business.

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

This is a period of economic growth and expansion.

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

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

When demand exceeds supply, this will occur:

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

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:

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

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

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

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

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

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

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

The low point of a recession just before recovery begins:

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

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

The government answers the three economic questions in a.

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

This situation occurs when supply exceeds demand:

This is a period of prolonged and deep recession.

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

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

All economies must answer the 3 basic economic questions of:

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

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

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

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

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

What country is the second largest trading partner of the United States?

The way a nation makes economic choices:

This is the rivalry between two or more businesses.

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

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

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

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

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

All economies in the world are really:

This is the measure of output per worker hour:

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