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Chap 2 Study Guide

POB Economic Activity Study Guide

TermDefinition
Gross Domestic Product (GDP) The market value of all final products produced in a country during a specific time period
Consumer spending, Business investment, Government spending, and Net exports The four components of GDP
Inflation Rate The rate of change in prices calculated on a monthly or yearly basis.
Deflation A general decline in prices throughout an economy.
Interest rate Represents the cost of a loan and is expressed as a percent of the amount borrowed.
Nonprice competition A competitive advantage based on factors other than price.
Commerce The activities involved in buying and selling goods on a large scale.
Money supply The total money circulating at any one time in a country.
Fiscal policy The tax and spending decisions made by the President and Congress
Collusion When two or more businesses work together to remove their competition, set prices, and control distribution.
Labor force All of the people in a nation who are capable of working and want to work.
Antitrust laws US laws that promote fair trade and competition among businesses.
Perfect competition Market structure with a large number of businesses selling the same product at the same prices.
Recession Period of significant decline in total output, income, employment, and trade in an economy.
Business cycle Alternating periods of expansion and contraction in the economy.
Specialization Focusing on the production of specific goods so that more products can be produced with the same amount of labor.
Federal Reserve System The central bank of the United States that is responsible for the country’s monetary system.
Productivity A measure of a worker’s production in a specific amount of time.
Stock market System and marketplace for buying and selling stocks.
Oligopoly Market structure with a small number of businesses selling the same or similar products.
Consumer Price Index (CPI) A measure of the average change in prices paid for typical consumer goods and services over time.
Trough Lowest stage of a business cycle.
Created by: mrstephens
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