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Economic Challenges

Chapter 3 Vocabulary

TermDefinition
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
Created by: tiffanie1719
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