Economics Flashcards

1
Q

Competition

A

Contest between 2 profit organizations to be the best

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2
Q

Monopoly

A

Having complete control over a certain product

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3
Q

Recession

A

When prices go down for at least 2 years

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4
Q

Inflation

A

When prices go up

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5
Q

Supply

A

How much of a product that’s available

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6
Q

Demand

A

Amount of people that want the service/product

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7
Q

CPI

A

Measurement of inflation prices

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8
Q

GDP

A

How much $ per person in a country (how much they r making)

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9
Q

Traditional

A

Jobs that are handed down throughout family members

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10
Q

Command

A

Group of people that run the entire country

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11
Q

Market

A

Run by the people

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12
Q

Mixed

A

Controlled by the people and government

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13
Q

Business

A
  • organization that gives products/services to consumers
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