23 Intro to business Ch 2 Review

What is the name of the section of the Business Cycle marked with the letter D

Which is not a stage of the business cycle?

A country’s exports minus imports

Gross domestic product (GDP) is also known as economic _____.

The peak of a business cycle marks the _____

Increasing production, higher wages & an increase in hiring workers, are signs of what stage of the business cycle

Tax and spending decisions made by the President and Congress.

A general decline in prices throughout an economy.

Which type of spending is not a component of gross domestic product (GDP)?

All purchases made for capital goods & construction

When the economy is growing and the GDP is rising.

The strength of an economy can be measured using certain economic _____.

What is the name of the section of the Business Cycle marked with the letter A

What is the name of the section of the Business Cycle marked with the letter G

What is the name of the section of the Business Cycle marked with the letter F

What is the name of the section of the Business Cycle marked with the letter E

Laws that promote fair trade and competition among businesses are known as _____ laws.

The market value of all final products produced in a country during a specific period of time.

The amount a borrower pays for a loan is _____.

Rate of change in prices calculated on a monthly or yearly basis.

A Country’s exports minus it's imports

Alternating periods of expansion and contraction in an economy

A period of significant decline in the total output, income, employment, and trade in an economy

A measure of average prices paid by consumers for consumer goods and services.

The economic growth rate of a country shows the amount and direction of the change in _____.

When two or more businesses work together to remove their competition, set prices, and control distribution

End of expansion; highest point in business cycle.

The lowest stage of a business cycle; marks end of a recession

A competitive advantage based on factors other than price is _____ competition.

A rising unemployment rate indicates a _____.

A period of economic contraction that is severe and lasts a long time is called a(n) _____.

The components of GDP include Government spending, Net exports and ______

What is the name of the section of the Business Cycle marked with the letter C

Economic indicators include Inflation, Unemployment rates, and The Stock and bond markets.

All the people in a nation who are capable of working and want to work.

How a market is organized based on the number of businesses competing for sales in an industry.

Spending by national, state, & local governments

What is the name of the section of the Business Cycle marked with the letter B

Occurs when two or more businesses in an industry agree to sell the same good or service at the same price.

Large number of businesses selling similar, but not the same, products and at different prices

A general rise in prices throughout an economy is called _____.

Characterized by a large number of businesses selling the same product at the same Prices.

A(n) _____ is a market structure with a small number of businesses selling the same or similar products.

Activities involved in buying and selling goods on a large scale

Low, Moderate, Severe, and Hyperinflation are the four levels of _____

Business Cycle _________ include, Output, Inflation, Consumer Spending, Employment, Interest Rates, and Wage Rates

The more products a worker produces in a given amount of time, the higher the worker’s _____

Something that is not directly connected to economic activity, but that affects people, is called a(n) _____.

Everything people buy for personal use.

When a lower price is the main reason for customers to buy from one business over another

he total money circulating at any one time in a country