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WorksheetsIntro to Business Chapter 2 Review
Total questions: 10
Worksheet time: 5mins
Gross Domestic Product
is the market value of all final products produced in a country during a specific time period.
includes everything people buy for personal use, such as food, clothing, cars, medical care and recreation.
is the GDP of a nation divided by its population.
is the general rise in prices throughout an economy.
A general decline in prices throughout an economy
Inflation
Hyperinflation
Deflation
Interest Rate
A high GDP means the economy is
Strong
Weak
When the Fed decides to raise interest rates, it shows the economy is
Strong
Weak
Productivity is
the financial well-being of the average person in a country.
a measure of a worker's production in a specific amount of time.
focusing on the production of a specific good so more product can be produced.
4%
Monopoly is
a market structure with a small number of businesses selling the same or similar products
characterized by a large number of businesses selling the same product for the same price
a large number of businesses selling similar, but not the same, products and at different prices
a market structure with one business that has complete control of a market's entire supply of goods or services
Fiscal policy is the tax and spending decisions made by the president and
the Federal Reserve
the IRS
the Supreme Court
Congress
When two or more businesses in an industry agree to sell the same good or service at a set price.
Collusion
Price fixing
Antitrust laws
FTC
Established in 1890, this act was the first antitrust law in the US. It removed limits on competitive trade and kept companies from becoming a monopoly.
Roe v Wade
Clayton Antitrust Act
Federal Trade Commision Act
Sherman Antitrust Act
Competitive advantage based on factors other than price.
Price Competition
Perfect Competition
Nonprice Competition
Monopolistic Competition
