8 Questions
What is the best definition of productivity?
The average level of output per worker per hour
Which of the following would be considered capital or capital goods?
business
What term describes the attempt by a seller to set its product apart from the competition to obtain limited control over the price of the product?
Product differentiation
In which market structure do Ford, Chevrolet, and Dodge operate due to the large investment requirements and few large sellers?
Oligopoly
What term is used for the efforts of individuals to produce and sell products and services that satisfy societal needs through the Internet?
E-business
What is the term for the total dollar value of all goods and services produced by all people within the boundaries of a country during a specified time period?
Gross Domestic Product (GDP)
During what economic period is the economy at its highest point, unemployment low, total income high, and consumers willing to buy products and services?
Peak
Which term describes businesses that operate in an environment where there are few large sellers, such as Ford, Chevrolet, and Dodge?
Oligopoly
Test your knowledge of economic terms by matching the concepts with their corresponding definitions. Topics covered include government interventions during recessions, product differentiation, online entrepreneurship, and societal prosperity measures.
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