Economics

3. the market value of all final goods and services produced within a nation in a given time period.
5. the series of growing and shrinking periods of economic activity, measured by increases or decreases in real gross domestic product.
7. a timeperiod of economic decay where there is a decrease in a nation’s real
8. a sustained rise in the general price level, or a sustained fall in purchasing power of money.
11. a timeperiod of economic growth where there is an increase in a nation’s real
12. a business owned and controlled by one person.
13. the percentage of the labor force that is jobless and actively looking for

1. describes periods during which prices rise at the same time that there is a slowdown in business activity.
2. is a prolonged economic contraction lasting two or more quarters (six months or
4. the combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses.
6. a business owned by shareholders, also called stockholders, who own the rights to the company’s profits but face only limited liability for the company’s debts and losses
9. a business co-owned by two or more people, or “partners”, who agree on how responsibilities, profits, and losses should be divided.
10. is an extended period of high unemployment and reduced business activity.