Match the following terms with the correct definition.(12 points)Put responses in the correct input to answer the question. Select a response, navigate to the desired input and insert the response. Responses can be selected and inserted using the space bar, enter key, left mouse button or
by typing the response directly.
1. Entrepreneur
2. Supply and demand
3. Monopoly
4. Market economy
5. Command economy
6. Mixed economy
7. Gross Domestic Product (GDP)
8. Inflation
9. Recession
10. Exchange rate
11. Interest rate
12. Business cycle
Definitions:
a. A person who starts and operates a business, taking on financial risk to do so.
b. The total value of all goods and services produced within a country over a specific time period.
c. A situation in which a single company or entity has control over a particular product or industry.
d. The rate at which the general level of prices for goods and services is rising and, consequently, purchasing power is falling.
e. The fluctuation of economic activity, measured by indicators such as GDP, unemployment rates, and industrial production.
f. The rate at which one currency can be exchanged for another currency.
g. A system where economic decisions are made by a central authority or government.
h. A system where economic decisions are based on the interactions of buyers and sellers in the marketplace.
i. A system that combines elements of a market economy and a command economy.
j. The total amount of goods and services available for purchase in a market, and the total amount of goods and services that customers are willing and able to buy.
k. A period of temporary economic decline, typically characterized by a decrease in GDP and rising unemployment rates.
l. The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.