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Economic Challenges
Chapter 3 Vocabulary
| Term | Definition |
|---|---|
| In the United States, changes in price levels are tracked by the__________ , which measures the monthly average changes in prices of goods and services. | Consumer Price Index |
| The term used to describe the study of the overall operations of an economy and its various components is known as ____________. | macroeconomics |
| ______________ refers to the study of the economic activities of a firm or an individual. | Microeconomics |
| A ____________ occurs when government grants exclusive rights in a single market to a single firm, such as a utility company. | regulated monopoly |
| The science of allocating scarce resources is known as ______________ . | economics |
| __________ counts people like construction workers, farm laborers or ski instructors who are out of work due to the time of year or a seasonal industry. | Seasonal unemployment |
| When the federal government spends more than it gets from tax revenues, a __________- is the result. | budget deficit |
| When prices continue to increase due to costs or demand, the economy is said to be experiencing a period of ___________. | inflation. |
| Governmental actions concerning tax revenue and expenditures of public funds are referred to as ______. | fiscal policy |
| The ___________ measures the number of people who are looking for work but who are unable to find jobs. | unemployment rate |
| In a _____________, government controls determine business ownership, profits, and resource allocation. | planned economy |
| The ____________is the total cumulative borrowing by the federal government to finance budget deficits. | national debt |
| Six months or more of economic contraction counts as a __________ | recession. |
| Nearly all of the world’s economies today blend private and public ownership into what is known as a ___________. | mixed market economy |
| Under ________, the government owns and operates the key industries that are considered vital to the public welfare. | socialism |
| Under the economic system known as _________, the means of production are owned and controlled by the government. | communism |
| A(n) _______ is a market situation that features few sellers and substantial entry restrictions. | oligopoly |
| The market situation in which a large number of buyers and sellers exchange well-differentiated products is known as__________ . | monopolistic competition |
| In _________ ,a large number of buyers and sellers exchange homogeneous products so no single participant has a significant influence on price. | pure competition |
| When a firm in the market has no competitors, it is said to have a ___________. | monopoly |
| A period of falling prices that erodes values and business confidence is known as ____________ | deflation. |
| When a government takes in more money than it spends, it is said to have a _________________. | budget surplus |
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tiffanie1719
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