A free enterprise market economy where businesses are free to determine what goods to produce and who to sell them to is called _____________.
Specialization
Mixed economy
Socialism
Capitalism
Capitalism
During the ____________ phase of the business cycle, GDP growth falls, unemployment levels rise, income is in decline, and the stock market declines.
Expansion
Contraction (or recession)
Trough
Peak
Contraction (or recession)
What is scarcity?
It's a restriction placed on goods and services.
It's something that occurs when there's greater demand for something than what's available.
It's when the government controls the amount of goods or services being used.
It happens when the government takes action to restrict international trade.
It's something that occurs when there's greater demand for something than what's available.
Whether a country is developed or developing depends on . . .
The age of their country and when their economy plans to retire
The amount of native people living in the country at the time of development
The country's per capita income, standard of living, technology, education, personal freedom and poverty level
Their overall population and how quickly their country is currently growing
The country's per capita income, standard of living, technology, education, personal freedom and poverty level.
An extreme result of free-market capitalism without government regulation is referred to as . . .
A monopoly
Capitalism
Socialism
A mixed economy
A monopoly.
If the government fears there may be a shortage of something, they may choose to _________ it.
Ration
Tariff
Quota
Capitalize on