Economics Fundamentals Quiz

<p>The study of economic behavior among consumers, businesses, and industries that collectively determine the quantity of goods and services demanded and supplied at different prices</p> Signup and view all the answers

<p>Free-market system</p> Signup and view all the answers

<p>A country’s larger economic issues, such as how firms compete, the effect of government policies and how an economy maintains and allocates its scarce resources</p> Signup and view all the answers

<p>Socialism</p> Signup and view all the answers

<p>Equilibrium point</p> Signup and view all the answers

<p>An economic phase characterized by the decline in a country's GDP for two consecutive quarters</p> Signup and view all the answers

<p>The government taking over selected companies or industries</p> Signup and view all the answers

<p>Capitalism</p> Signup and view all the answers

<p>The study of the overall economy and its aggregates</p> Signup and view all the answers

<p>Inflation</p> Signup and view all the answers

<p>The government allowing private businesses to operate selected industries</p> Signup and view all the answers

<p>Unemployment rate</p> Signup and view all the answers

<p>Gross domestic product (GDP)</p> Signup and view all the answers

<p>The study of economic behavior among consumers, businesses, and industries that collectively determine the quantity of goods and services demanded and supplied at different prices</p> Signup and view all the answers

<p>Free-market system</p> Signup and view all the answers

<p>The study of a country’s larger economic issues, such as how firms compete, the effect of government policies and how an economy maintains and allocates its scarce resources</p> Signup and view all the answers

<p>A period of declining economic activity characterized by falling GDP, rising unemployment, and reduced consumer spending</p> Signup and view all the answers

<p>To control the allocation of resources and limit the freedom of choice</p> Signup and view all the answers

<p>Microeconomics focuses on individual economic behavior, while macroeconomics examines larger economic issues of a country</p> Signup and view all the answers

<p>An economic system based on economic freedom and competition</p> Signup and view all the answers

<p>To allocate resources and determine the production and distribution of goods and services</p> Signup and view all the answers

<p>In a free-market system, individuals and companies have the freedom to make economic decisions, while in a planned system, the government controls the allocation of resources</p> Signup and view all the answers

<p>How society uses its scarce resources to produce and distribute goods and services</p> Signup and view all the answers