Chapter 3 Pre-test

A period of growth and contraction measured by GDP

• business cycle

• deflation

• division of labor

• economic indicator

Economic system where the government takes charge of all economic decisions.

• centrally planned economy

• fiscal policy

• Federal Reserve System

• gross domestic product

When two or more businesses try to achieve profits by influencing consumers to purchase their products.

• competition

• labor force

• market economy

• deflation

The decrease in prices and increase in the value of money.

• deflation

• productivity

• market economy

• scarcity

The amount of goods that consumers want.

• demand

• export

• import

• supply

A production process in which a worker or group of workers is assigned a specialized task to increase productivity.

• division of labor

• fiscal policy

• market structure

• monetary policy

Government-provided benefit to specific businesses that will fulfill a government agenda.

• economic development incentive

• economic growth rate

• competition

• hyperinflation

The changes of a country's GDP over a duration of time.

• economic growth rate

• economic utility

• per capita GDP

• mixed economy

Signs of the health of the economy.

• economic indicator

• equilibrium

• oligopoly

• business cycle

Value and usefulness created by business activities

• economic utility

• expansion

• division of labor

• recession