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Intro To Business 1
| The 5 most widely indicators of the economy include... | GDP, unemployment rate, interest rate, and stock and bond markets |
| 3 ways the government can help or control the economy include... | Government spending, taxes, and interest rate |
| The 4 levels of inflation include... | Low, moderate, high, and hyperinflation |
| The 4 levels of the business cycle include... | Expansion, peak, recession, and trough |
| The 4 market structures are... | Monopoly, oligopoly, monopolistic competition, and perfect competition |
| Businesses compete for business by... | lowering prices and/or increasing the quality of the product |
| What is the market value of all financial products produced in a country during a specific period of time? | Gross Domestic Product, or GDP |
| How can you measure GDP? | By adding the total amount of money spent from consumer spending, business spending, government spending, and net exports |
| What is the general rise in prices called? | Inflation |
| What is the amount a borrower pays to a lender for a loan? | Interest |
| What's the measure of a worker's production in a specific amount of time? | Productivity |
| What are the tax spending decisions made by Congress or the president? | Fiscal price or government spending (must know both) |
| What is a system and market place for buying and selling stocks known as? | The stock market |
| What's a certificate of debt issued by an organization or government known as? (It also represents a loan) | Bonds |
| When a lower price is the main reason for customers to buy over the other businesses, it's known as...? | Price competition |
| When one company or business has a competitive advantage based on factors other than price, it's known as...? | Non-price competition |
| When one business has complete control over supply, it's known as...? | Monopoly |
| When a small number of businesses sell the same or similar products, it's known as...? | Oligopoly |
| When a large number of businesses sell similar, but not the same, products at different prices, it's known as...? | Monopolistic competition |
| When a large number of businesses sell the same product at the same price, it's known as...? | Perfect competition |
| When an economy is growing, it's known as...? | Expansion |
| The end of expansion is known as...? | Peak |
| A significant decline in total output, income, employment, and trade in an economy is known as...? | Recession |
| The lowest stage of a business is known as the..? | Trough |
| What regulates the supply of money and interest rates by a central bank in an economy? | Monetary policy |
| What is the central bank in the U.S.? | Federal Reserve System |
| What is the total money circulating at any one time in a country known as? | Money supply |
| What promotes fair trade and competition among businesses? | Antitrust laws |
| Occurs when 2 or more businesses in an industry agree to sell the same goods or services at a set price? | Price fixing |
| Occurs when 2 or more businesses work together to remove their competition, set prices, and control distribution? | Collusion |
| This is not directly connected to economic activity, but still affects people? | Externalizes |
| A business only located along state lines is known as...? | Intrastate |
| A business that can be found in many states is known as...? | Interstate |
Created by:
OliviaRoark
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