| A | B |
|---|
| What represents monetary transactions in an economy? | Circular Flow Model |
| Type of business where 1 person or family owns the firm.... | Proprietorship |
| A business or firm owned and run by two or more partners.... | Partnership |
| A legal entity that is separate from its owners..... | Corporations |
| What is a business in which the owners sell the rights to their business logo and name to a 3rd party retail outlet? | Franchise |
| What is the name of our nation's cycle of economic expansion and contraction? | Business Cycle |
| What is it called when the economy is growing? | Expansion |
| What is it called when the economy is contracting? | Recession |
| What is a sustained, long-term downturn in economic activity lasting 2 or more years? | Depression |
| What are the statistics that show the direction the economy is headed, such as retail sales and employment levels? | Economic Indicators |
| What is the total value of everything produced by all the people and companies in the country? | Gross Domestic Product (GDP) |
| What is the rising price of goods and services over time called? | Inflation |
| What is the monthly measurement of prices for household goods and services? | Consumer Price Index (CPI) |
| What is the share of the labor force that it jobless? | Unemployment Rate |
| What is the rivalry among sellers trying to make more profit? | Competition |
| What is the total amount of money that a country's govt. has borrowed? | National Debt |
| What is the difference between what the govt. takes in and the amount of money it spends? | Deficit |
| What is a tax that takes a larger % from high-income earners than it does from low-income individuals? | Progressive Tax Code (Income Tax) |
| What are the deductions from an employee's wages? | Payroll Taxes |
| What is a market dominated by a single seller? | Monopoly |
| What is a state of limited competition, where the market is shared by a small number of sellers? | Oligopoly |
| When a company obtains goods or services from an outside or foreign supplier instead of here in the states? | Outsourcing |
| What is an organization of workers dedicated to promoting members' interests & working conditions? | Labor Union |
| What is the process where workers (through their unions) negotiate contracts w/their employer? | Collective Bargaining |
| When all workers agree to stop working in order to get a concession from their employer...... | Strike |
| What is a market where shares of ownership of public companies are traded? | Stock Market |
| A time of several months or years during which stock prices consistently rise...... | Bull Market |
| A period marked with falling stock prices & low investor confidence...... | Bear Market |
| What is a measure of the avg change over time of prices paid by consumers for goods and services? | Consumer Price Index (CPI) |
| What involves changing the interest rate and influencing the money supply? | Monetary Policy |
| What involves the govt. changing tax rates & levels of govt. spending to influence supply & demand? | Fiscal Policy |
| What is the central banking system of the US? | Federal Reserve |
| What is income distributed unevenly among a population? | Income Inequality |
| What is a govt. program that guarantees certain benefits to a particular group of the population? | Entitlement Programs.....ie, Social Security, Medicaid |
