BUS102

6. The government economists keep a close watch on _______________ which is the general rise in the price level of goods and services over time.
9. course in ________________ will teach us how society chooses to employ resources to produce goods and services and to distribute them for consumption among various competing groups and individuals.
10. Some countries operate under ______________, economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow.
11. The country is in a ________________ when GDP has declined for two consecutive quarters
12. The part of economic study that looks at the behavior of people and organizations in particular markets is called _________________

1. ________________ is an economic system based on the premise that some, if not most basic businesses should be owned by the government so that profits can be evenly distributed among the people
2. We define the _____________ as the number of citizens who are unemployed and tried to find a job within a certain period of time.
3. The economic system known as ______________ is one in which all or most of the factors of production and distribution are privately owned and operated for profit
4. One key economic indicator is _________________ the total value of goods and services in a country in a given year.
5. A severe recession is known as a (n) _______________
7. ________ is a situation in which price increases are slowing.
8. ______________is the quantity of products that people are willing to buy at different prices at a specific time.
13. The ____________ consists of monthly statistics that measure the pace of inflation or deflation.
14. The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time is known as ________