Intro To Business Chapter 2

Front 1

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

a specific time is known as__________.

Back 1

Supply

Front 2

2. The part of economic study that looks at the behavior of people and organizations in

particular markets is called_____________.

Back 2

Microeconomics

Front 3

3. The country is in a___________ when GDP has declined for two consecutive quarters

Back 3

recession

Front 4

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

Back 4

Demand

Front 5

6. We define the___________________ is the quantity of products that people are willing to buy at different prices at a as the number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks,

Back 5

unemployment rate

Front 6

7. In economic systems considered __________the market largely determines what goods and

services get produced, who gets them, and how the economy grows.

Back 6

Free Market Economy

Front 7

8. The ________________consists of monthly statistics that measure the pace of inflation or

deflation.

Back 7

Consumer Price Index(CPI)

Front 8

9. The sum of government deficits over time is called the___________________.

Back 8

National Debt

Front 9

10. A course in_____________will teach us how society chooses to employer resource to produce goods and services and to distribute them for consumption among various competing groups and individuals.

Back 9

Economics

Front 10

11. Government economists keep a close watch on_________________ which is the general rise in

the price level of goods and.servites over time.

Back 10

Inflation

Front 11

12. One key economic indicator is___________the total value of goods and services in a country in a given year.

Back 11

Gross Domestic Product (GDP)

Front 12

4. The economic system known as____________ is one in which all or most of the factors of production and distribution are privately owned and operated for profit.

Back 12

Capitalism

Front 13

13. Some countries operate under _____________ economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.

Back 13

command economy

Front 14

14. In developing______________ the government is managing the money supply and interest rates.

Back 14

monetary policy

Front 15

15. _________________is a situation in which price increases are slowing.

Back 15

Disinflation

Front 16

16. A severe recession is known as a(n) _____________.

Back 16

Depression

Front 17

17. ________________is an economic system based on the premise that some, if not most basic

businesses should be owned by the government so that profits can be evenly distributed

among the people.

Back 17

Socialism

Front 18

18. When the federal government makes an effort to keep the economy stable, it may use_____________ by increasing or decreasing taxes or govefftrnent spending.

Back 18

Fiscal Policy

Front 19

19. ______________ are economic systems where some allocations of resources is made by the market and some by the government.

Back 19

Mixed Economies

Front 20

20. The economy is experiencing_____________ when prices are actually declining

Back 20

Deflation

Front 21

21. A_______________ is a market in which there is only one seller for a product or service.

Back 21

monopoly

Front 22

22. The market situation known as__________ is where there are many sellers in a market and no seller is large enough to dictate the price of the product.

Back 22

perfect competition

Front 23

23. Adam Smith coined the term___________ to describe the process that turns self-directed

gain into social and economic benefits for all'

Back 23

Invisible Hand

Front 24

24. A form of competition where the market is dominated by just a few sellers is called

a(n)_______________.

Back 24

oligopoly

Front 25

25. The part of economic study called___________ looks at the operation of a nation's economy

as a whole.

Back 25

Macroeconomics

Front 26

26. The study of ________ focuses on how to increase resources and to create the

conditions that will make better use of those resources

Back 26

Resource Development

Front 27

27. The___________ is the price determined by supply and demand.

Back 27

Market Place

Front 28

28. ___________________is the market situation in which there are a large number of sellers that

produce similar products, but the products are perceived by buyers as different.

Back 28

Monopolistic Competition

Front 29

29. The economic and political system called__________ is one in which the state (the govemment) makes all economic decisions and owns almost all the major forms of ' production.

Back 29

Communism

Front 30

30. The index that measures prices at the wholesale level is the______________.

Back 30

PRODUCER PRICE INDEX

Front 31

31. ________________describe the periodic rises and falls that occur in all economies over time.

Back 31

Business cycle

Front 32

32. The loss of the best and brightest people to other countries is called the______________

Back 32

Brain Drain