Chapter 3 - Economic Activity in a Changing World

Question 1

Total amount of money a government owes

Accepted Answer

national debt

Question 2

a general increase in the price of goods and services. Buying power decreases because the prices are higher

Accepted Answer

inflation

Question 3

the number of people willing and able to work but not able to find work during a given period

Accepted Answer

unemployment rate

Question 4

Production starts to increase/People go back to work/People begin buying goods and services/Businesses begin to innovate

Accepted Answer

Recovery

Question 5

the level of material comfort as measured by the goods and services that are available

Accepted Answer

Standard of Living

Question 6

What does GDP stand for?

Accepted Answer

Gross Domestic Product

Question 7

downturn in one industry an affect other industries

Accepted Answer

ripple effect

Question 8

High Unemployment / Low production of goods

Accepted Answer

Depression

Question 9

Prosperity Recession Depression Recovery ......... these 4 are.........

Accepted Answer

4 stages of the business cycle

Question 10

On a graph, the highest business cycle is

Accepted Answer

prosperity

Question 11

the total amount of goods and services produced in a country

Accepted Answer

Gross Domestic Product

Question 12

Stock Market Crash of 1929 is an example of

Accepted Answer

Depression

Question 13

downturn in one industry an affect other industries

Accepted Answer

ripple effect

Question 14

when the economy is declining from prosperity

Accepted Answer

recession

Question 15

How many stages are there in the business cycle

Accepted Answer

4

Question 16

spend more than you have budgeted for

Accepted Answer

budget deficit

Question 17

decrease in the price of goods and services.More goods than what the people want; prices go down.Buying power increases

Accepted Answer

deflation

Question 18

Increase employment

Accepted Answer

Recovery

Question 19

Consumers spend less/Drop in production of goods make GDP decline

Accepted Answer

Depression

Question 20

when the economy is trying to come from a depression

Accepted Answer

recovery

Question 21

Unemployment Low/Production of goods & services high/New businesses opening Greater demand for goods/Wages are higher

Accepted Answer

Prosperity

Question 22

spend less than you have budgeted for – money left over

Accepted Answer

budget surplus

Question 23

Businesses produce less/Less employment/Unemployment rates increase/Consumers spend less

Accepted Answer

Recession

Question 24

the lowest part of the economy is

Accepted Answer

depression

Chapter 3 - Economic Activity in a Changing World

Questions 24

Chapter 3 - Economic Activity in a Changing World

Questions 24