Vocabulary

2. an economy in which production, investment, prices, and incomes are determined centrally by a government.
3. a government order to temporarily stop trading certain goods or with certain countries
7. price increases of 50% or more per month
8. an income tax system that levies the same percentage tax to everyone regardless of income
11. measures the response that a change in the price of a product has on its supply and its demand.
12. tax on imports
13. sell to another country
15. government policies that restrict international trade to help domestic industries.
16. is the study of whole economies

1. is the total market value of all the finished goods and services produced within a country’s borders in a specific time period.
2. _________ advantage is the ability of a country to produce a good or service for a lower opportunity cost than other countries.
4. ___________ cost is what you give up when one alternative is chosen.
5. good is a product used to produce a final good or finished product—also referred to as a consumer good
6. third largest economy in the world 2023
9. unemployment which exists in any economy due to people moving from one job to another.
10. is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, .trough in the business cycle is a period of negative gross domestic product (GDP) that forms the lowest point in an economic cycletrough In the business cycle is a period of negative gross domestic product (GDP) that forms the lowest point in an economic cycle.
14. unemployment caused when there is a disparity between the knowledge and skills that the employer demands offered by their employees.