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Economics Review

An economic downturn marked by a decrease in the GDP for two consecutive quarters
The quantity of products that producers are willing to offer for sale at different market prices
Overage that occurs when revenue is higher than expenses over a given period of time
A market structure with one product completely dominating the industry leaving no room for any significant competitors. Barrier to entry tend to be virtually insurmountable.
Shortfall that occurs when expenses are higher than revenue over a given period of time
A measure of inflation that evaluates the change in the weighted -average price of goods and services that the average consumer buys each month
A period of rising economic growth and employment
A market structure with only a handful of competitors selling products that can be similar or different. Barriers to entry are typically high
A period or rising average prices across the economy
A period of economic downturn, marked by rising unemployment and falling business production
A rule set by the Fed, which specifies the minimum amount of reserves (or funds) a bank must hold, expressed as a percentage of the bank's deposits
A measure of inflation that evaluates the change over time in the weighted-average wholesale prices
The sum of all the money that the federal government has borrowed over the years and not yet repaid.
Government efforts to influence the economy through taxation and spending
The percentage of people in the labor force over the age of 16 who not have jobs and are actively seeking employment.
An economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare.
Federal Reserve decisions that shape the economy by influencing interest rates and the supply of money
The price associated with the point at which the quantity demanded of a product equals the quantity supplied
The basic relationship between the production of goods and services (output) and the resources needed to produce them (input) calculated via the following equation output/input= productivity
The study of smaller economic units such as individuals consumers, families, and individual businesses.
A financial and social system of how resources flow through society, from production to distribution to consumption
The study of the choices that people, companies, and governments make in allocating society's resources
An economic and political system that calls for public ownership of virtually all enterprises, under the direction of a strong central government
An average monthly inflation rate of more than 50%
An economic system —private enterprise, free market system— based on private ownership economic freedom, and fair competition
The total value of all final goods and services produced within a nation's physical boundaries over a given period of time.
A period of falling average prices across the economy
A period of robust economic growth and high employment
The quantity products that consumers are willing to buy at different market prices