ADMN 1016 KEY TERMS ASSIGNMENT

PROF. BRENT PUSCH CHAPTER 2

1 boom

2 brain drain

3 business cycles (economic cycles)

4 capitalism

5 command economy

6 communism

7 consumer price index (CPI)

8 deflation

9 demand

10 depression
ADMN 1016 KEY TERMS ASSIGNMENT
PROF. BRENT PUSCH CHAPTER 2

11 disinflation

12 economics

13 free-market economy

14 gross domestic product (GDP)

15 human development index

16 inflation

17 invisible hand

18 macroeconomics

19 market price

20 microeconomics
ADMN 1016 KEY TERMS ASSIGNMENT
PROF. BRENT PUSCH CHAPTER 2

21 mixed economies

22 monopolistic competition

23 monopoly

24 oligopoly

25 perfect competition

26 recession

27 recovery

28 resource development

29 socialism

30 stagflation
ADMN 1016 KEY TERMS ASSIGNMENT
PROF. BRENT PUSCH CHAPTER 2

31 supply

32 unemployment rate

Answer choices for questions 1 through 32

A) A period that brings jobs, growth, and economic prosperity.
B) The loss of educated people to other countries.
C) An economy in which the government largely decides what goods and services are produced,
who gets them, and how the economy will grow.
D) An economic and political system in which the state (the government) makes all economic
decisions and owns almost all of the major factors of production.
E) A situation in which price increases are slowing (the inflation rate is declining).
F) The study of how society chooses to employ resources to produce goods and services and
distribute them for consumption among various competing groups and individuals.
G) The market situation in which a large number of sellers produce very similar products that
buyers nevertheless perceived as different.
H) The market situation in which there are many sellers in a market and no seller is large enough to
dictate the price of a product.
I) The percentage of the labour force that actively seeks work but is unable to find work at a given
time.
J) The quantity of products that manufacturers or owners are willing to sell at different prices at a
specific time.
K) An economic system based on the premise that some, if not most, basic businesses should be
owned by the government so that profits can be evenly distributed among the people.
L) A situation in which the economy is slowing but prices are going up regardless.
M) The quantity of products that people are willing to buy at different prices at a specific time.
N) The price determined by supply and demand.
O) Two or more consecutive quarters of decline in the GDP.
P) A form of competition in which just a few sellers dominate the market.
Q) An economic system in which all or most of the factors of production and distribution are
privately owned and operated for profit.
R) A market in which there is only one seller for a product or service.
S) The part of economic study that looks at the behaviour of people and organizations in particular
markets.
T) A situation in which prices are declining.
U) A phrase coined by Adam Smith to describe the process that turns self-directed gain into social
and economic benefits for all.
V) When the economy stabilizes and starts to grow.
W) The periodic rises and falls that occur in economies over time.
ADMN 1016 KEY TERMS ASSIGNMENT
PROF. BRENT PUSCH CHAPTER 2

X) The total value of goods and services produced in a country in a given year.
Y) The part of economic study that looks at the operation of a nation's economy as a whole.
Z) Economic systems in which some allocation of resources is made by the market and some by the
government.
AA) A monthly statistic that measures the pace of inflation or deflation.
AB) A severe recession.
AC) A general rise in the prices of goods and services over time.
AD) The study of how to increase resources and the creation of the conditions that will make better
use of those resources (e.g., recycling).
AE) An economy in which the market largely determines what goods and services are produced, who
gets them, and how the economy grows.
AF) A measure of a country's progress that includes wealth, health, and education.