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Review for quiz on Economics

Economic system which believes that competition is good; it provides better quality and lower prices. Capitalism
Economic system where the government owns all of the businesses, mines and factories. Communism
Economic system where businesses are privately owned Capitalism
Economic system where most important industries (transportation, banking, mining) are owned by the government, but others are privately owned. Socialism
Economic system also known as a demand economy. Capitalism
Economic system also known as a mixed economy. Socialism
Economic system where the price of goods is whatever the market will bear. Capitalism
Karl Marx Proposed the communist economic system
Economic system of the United States Capitalism
Economic system where taxes are high to pay for all of the services (education, health care etc.) provided to citizens. Socialism
Sector of the economy which deals directly with natural resources. Primary sector
Economic activities which process natural resources to make something new belong to which sector of the economy? Secondary sector
Economic activities which provide services belong to which sector of the economy? Tertiary sector
People who buy and use products Consumers
The exchange of goods and services for other goods or money Trade
Goods produced at home and sold elsewhere Exports
The value of all the goods and services produced in a country in a year. GDP
The owners and workers in an economy are called the ____________. Producers
Nations with many industries and advanced technology Developed nations
How much the currency of one country is worth in another country Exchange Rate
A slowing of the economy where there is a decline in the GDP for 2 consecutive quarters. Recession
Goods produced elsewhere but sold at home. Imports
NAFTA and the EU Trade alliances
When a country's exports are greater than its imports. Favorable balance of trade
The percentage of the labor force that is not working at any one time Unemployment rate
A slowing of the economy where the GDP declines by 10% or more Depression
Created by: dfred