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Trading goods and services without using money.
Bartering
An economy where the majority of economic activity is focused on farming and agriculture.
Agriculture-based economy
An economy where the majority of economic activity is focused on providing services.
Service-based economy
An economy where the majority of economic activity is focused on manufacturing and industry.
Industry-based economy
Economic indicators measure...
economic performance
The total value of goods and services produced in a country during a specific period of time.
GDP
A general increase in the price of goods and services over time.
Inflation
National debt is the total amount of money a government owes... true or false?
True
The rise and fall of economic activity over time.
Business cycle
A phase of the business cycle characterized by economic growth and high employment.
Prosperity
How many major economic shifts has the US experienced?
4
measure the number of people who are able and willing to work but cannot find work during a given period of time
unemployment rate
Revenue means taxes. True or False
False
Revenue means income. True or False
True
__________ are moral principles by which people conduct themselves personally, socially, or professionally
Ethics
Rules used to punish violators for misconduct
Laws
