Intro to business chapter 2
Subprime mortgage loan
A BLANK is targeted to borrowers with low credit scores, high debt-to-income ratios or signs of a reduced ability to repay the money they borrow
Oligopoly
A market structure with only a handful of competitors selling products that can be similar or different. barriers to entry are typically high
Budget deficit
Shortfall that occurs when expenses are higher than revenue over a given period of time
Business cycle
The periodic contraction and expansion that occur over time in virtually every economy
Monopoly
A Market structure with one producer completely dominating the industry, leaving no room for any significant competitors. Barriers to entry tend to be virtually insurmountable
Deflation
A period of falling average prices across the economy
Inflation
A period of rising average prices across the economy
Disinflation
A period of slowing average prices increases across the economy
Planned economy
Abraham Lincolns quote about not helping the poor by destroying the rich is most consistent with the philosophy of BLANK economy
Hyperinflation
An average monthly inflation rate of more than 50 percent
Communism
An economic and political system that calls for public ownership of virtually all enterprises, under the direction of a strong central government
Capitalism
An economic system -also known as the private enterprise or free market system- based on private ownership, economic freedom, and fair competition
Socialism
An economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare
Representing the flow of resources through society
An economic system is a structure for what?
Increase more than 50% per month
An economy is experiencing hyperinflation when average prices of goods and services BLANK
Janet Yellen
BLANK is the current chairman of the federal reserve
Monopoly
BLANK is the market structure that is most likely to result in higher prices, lower quality and fewer choices for consumers
Drives higher quality and lower prices
Competition among businesses is BLANK
Communist
If I live in an economic and political system that calls for public ownership of virtually all enterprises under the direction of a strong central government I most likely live in a BLANK country
Less due to the increase price
If the cost of iced tea is more expensive during the summer months, consumers will buy BLANK
People, governments, and companies making in allocating resources
In the broadest sense, economics studies the choices that BLANK
Recession
In the business cycle, a period in which GDP declines for at least two conservative quarters is BLANK
An increase in the federal debt
The US congress has voted themselves pay increases while we are still under a budget deficit. The pay raise will generate BLANK
Economics
The study of the choices that people, companies, and governments make in allocating society's resources
Federal debt
The sum of all the money that the federal government has borrowed over the years and not yet repaid
Prices would decrease as competition increases in energy production
What would be the economic impact on energy prices if low cost solar power were to become a viable energy source?
Is the main way the govt ensures an equality of wealth in the US economy
the government laws against monopolies does what?