Unit 2 business

Question 1

Depression

Answer 1

A severe sustained downturn in economic activity that lasts for several.

Question 2

Economics

Answer 2

The branch of social science that deals with the production, distribution, and consumption of goods and services and their management.

Question 3

Gross domestic product

Answer 3

The market value of all official recognized final goods and services produced in one year.

Question 4

Gross national product

Answer 4

The total dollar value of all final goods and services provided for consumption in society during a particular time period.

Question 5

Incentives

Answer 5

Rewards or benefits such as money, an advantage, or a good feeling that motivates people to do something.

Question 6

Inflation

Answer 6

Increase in the overall price level for consumer goods and services that reduces the value of money.

Question 7

Interest rate

Answer 7

Definition

Question 8

Laws of supply and demand

Answer 8

Definition

Question 9

Macroeconomics

Answer 9

Definition

Question 10

Microeconomics

Answer 10

Definition

Question 11

Recession

Answer 11

Definition

Question 12

Scarcity

Answer 12

Definition

Question 13

Capitalism

Answer 13

Definition

Question 14

Socialism

Answer 14

Definition

Question 15

Communism

Answer 15

Definition

Question 16

Traditional economic system

Answer 16

Definition

Question 17

Command economic system

Answer 17

Definition

Question 18

Market Economic system

Answer 18

Definition

Question 19

Mixed economic system

Answer 19

Definition