History Quiz / HCMS Economics Principles & Terms 1

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Can you pick the principles/terms from the field of economics?

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Adopted by US in 1991/aggregate measure of production equal to sum of gross values added of all resident institutional units engaged in production (only w/in borders of country)
Amount of a product that producers and firms are willing to sell at a given price when all other factors being held constant
Sustained increase in the general level of prices for goods and services
Income that a business has from its normal business activities, usually from the sale of goods and services to customers
Difference between total revenue and total costs
Economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
Main economic theory in Europe from 16th-18th century/government intervention to accumulate monetary reserves through positive balance of trade/led to war & colonial expansion
Adding more of one factor of production while holding the others constant will eventually yield lower returns
Loss of potential gain from other alternatives when one alternative is chosen
Foundational idea behind capitalism/thing that motivates or encourages one to do something/used in context of taxes to stimulate spending or investment
All else being equal, as the price of a good increases the demand for the good decreases & vice-versa
Economic downturn generally defined as a 10% drop in GDP or a recession laster 2 or more years
All else being equal, an increase in the price of a good results in an increase in the supply of the good
One of the 3 factors of production (along w/land and labor)/financial resources available for use in investment to create wealth
System in which prices for goods/services are set freely by consent between vendors & consumers w/out gov't intervention/supply & demand work freely
InformationAnswer
All income from whatever source
General decline in prices, often caused by a reduction in the supply of money or credit, or a decrease in gov't, personal, or investment spending
Market value of all products & services produced in 1 year by labor & property supplied by citizens of a country (i.e. includes those w/in nation & abroad)
Agreement between competing firms to control prices or exclude entry of a new competitor in a market
called 'Voodoo economics' by George H.W. Bush/also known as 'trickle-down' or 'Reaganomics'
Income minus cost of goods sold, expenses and taxes for an accounting period
Price-quantity pair where the quantity demanded is equal to the quantity supplied, represented by the intersection of the demand and supply curves
Money received, especially on a regular basis, for work or through investments
Shows relationship between tax rate and government revenue/predicts that there is a point at which further increases in tax rate result in decreased revenue for government
Utility for a good or service of an economic agent, relative to his/her income
Represents total satisfaction experienced by the consumer of a good or service
Markets such that no participants are large enough to have the market power to set the price of a homogeneous product
System where gov't (not the free market) determines what & how much goods should be produced & the price at they will be offered for sale/key feature of Communism
Economic downturn generally defined as occurring when an economy experiences 2 consecutive quarters of negative growth

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