If GDP (after adjusting for inflation) goes up, the economy is ... .
growing
Economists have identified four types of competition: monopolistic competition, oligopoly, monopoly, and ...
perfect competition
A business cycle can be divided into four general phases of prosperity, recession, ..., and ...
depression and recovery
What is 'profit'?
difference between the revenue that a company brings in from selling goods and services and the costs of generating this revenue
'Products can be differentiated in quality, style, convenience, location' is an example of ...
oligopoly
monopolistic competition
perfect competition
monopoly
What is 'economics'?
the study of the production, distribution, and consumption of goods and services
What are three main economic goals?
growth, high employment, price stability
Resources are the inputs used to produce outputs. Resources include: land and other natural resources, capital, entrepreneurship, and ...
labor
An economy provides people with goods and services, and economists measure its performance by studying the ...
gross domestic product (GDP)
Name 3 business participants.
owners, employees, customers
Fill in the missing words: In a market characterized by perfect competition, price is determined through the mechanisms of ... and ....
supply and demand
Which three key questions do economists try to answer?
(1) What goods and services should be produced? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services?
What are the examples of companies providing both goods and services?
McDonald's, Toyota dealership, Starbucks
What is an 'equilibrium price'?
the price at which buyers are willing to buy the same amount that sellers are willing to sell
What is 'business'?
an activity that provides goods or services to consumers for the purpose of making a profit
Th examples of planned system in economics are: ... Describe them briefly.
communism and socialism; the government exerts control over the production and distribution of all or some goods and services.
The activities needed to run a business can be divided into five functional areas: management, operations, finance, accounting, and ...
marketing
GDP stands for ...
good domestic production
gross domestic product
gross demand price
great domestic product
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