ECO Unit 1

recession

A country's GDP economic peak is followed by ____.

expansion

An economy going from the trough to the peak is said to be in a state of _______.

a consumer's record of going into and getting out of debt in a faithful and punctual way

Credit refers to ___.

the business cycle

Fluctuations of expansion and recession are part of ___.

Enlightenment

The ______ movement influenced the foundational ideas of the market economic system.

Crimean

The _______ War and the subsequent agricultural surplus contributed to the recession of 1857.

the barter system

The concept of a "double coincidence of wants" is the instrumental part of ___.

the United Kingdom

The creators of the mixed economic system were from ______.

Populist

The depression of 1893 was directly responsible for the growing popularity of the ______ Party.

opportunity costs

The things you miss out on when you decide to spend your money on something else are considered ___.

a private company outside of the government

Which agency is responsible for putting together business cycle information, particularly when business economies peak and plummet?

Congress could not negotiate treaties with foreign countries.

Which answer was NOT a weakness of the Articles of Confederation

rural Africa

Which country or region best exemplifies a traditional economy?

Adam Smith

Which philosopher is most associated with the market economy?

A man has $20 but wants to take his girlfriend to a fancy steak restaurant, where he needs $70.

Which scenario best explains scarcity?

The states did not want to be answerable to the federal government and therefore be put in a weaker position.

Why were some of the states upset at the federal government paying off their debts?

Labour

With support from the _______ Party, R.H. Tawney pushed Great Britain toward a mixed economic system.

traditional

In a(n) __________ economy, transactions are typically done through barter rather than currency.

credit

It is required that you have good _______ in order to purchase a home.

labor parties

Karl Marx and Friedrich Engels believed that ________ was(were) wrong and that workers should control the economy.