Economics Flashcards
1
Q
Competition
A
Contest between 2 profit organizations to be the best
2
Q
Monopoly
A
Having complete control over a certain product
3
Q
Recession
A
When prices go down for at least 2 years
4
Q
Inflation
A
When prices go up
5
Q
Supply
A
How much of a product that’s available
6
Q
Demand
A
Amount of people that want the service/product
7
Q
CPI
A
Measurement of inflation prices
8
Q
GDP
A
How much $ per person in a country (how much they r making)
9
Q
Traditional
A
Jobs that are handed down throughout family members
10
Q
Command
A
Group of people that run the entire country
11
Q
Market
A
Run by the people
12
Q
Mixed
A
Controlled by the people and government
13
Q
Business
A
- organization that gives products/services to consumers