business 100 chapter 1 part 2

  1. business cycle
    the recurrence of periods of growth and recession in a nation's economic activity
  2. recession
    two or more concecutive 3-month periods of decline in a countrys GDP
  3. depression
    a severe recession that lasts longer than a recession
  4. the trough of a recession or depression
    the "turning point", when a nation has hit bottom
  5. monetary policies
    the federal reserves decisions that determines the size of the supply of money in the nation and the level of interest rates
  6. fiscal policy
    giovernment influence on the amount of savings and expenditures; acomplished by alltering the tax structure and by changing the levels of government spending
  7. federal deficit
    a shortfall created when the government spends more in a fiscal year than it recieves
  8. four steps of the business cycle
    peak, trough, recession, and recovery
  9. national debt
    the total of all federal deficits
  10. perfect(or pure) competition
    no single buyer or seller is powerful enough to affect the price of that product; corn, wheat, peanuts
  11. monoplistic competition
    differentiate their products from the products of competitors; many firms or suppliers; clothing, shoes, furniture
  12. oligopoly
    a market(or industry) in which there are fer sellers; few firms or suppliers; autimobiles, cereals
  13. monopoly
    one firm or supplier; software protected by copyright, local public utilites
  14. supply
    the quantity of a product that producers are selling at each of various prices
  15. demand
    the quantity of a product that buyers are willing to purchase at each of various prices
  16. market price
    the price at which the quantity demanded is exactly equal to quantity supplied
  17. product differentiation
    the process of developing and promoting differences between one's products and all similar products
  18. standard of living
    a loose, subjective measure of how well off an individual or a society is mainly in terms of want satisfaction through goods and services
Card Set
business 100 chapter 1 part 2
business 100 chapter 1 part 2