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Understanding the Economy: Key Concepts & Influences

Learn about core economic terms like recession, inflation, and competition. Explore the impact of profit, demand, and business cycles on the economy. Discover how ethics, resources, and systems shape economic principles. Illustrate your knowledge with interactive exercises.

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Understanding the Economy: Key Concepts & Influences

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  1. Chapter 3 Review The Economy

  2. Terms to Know Well • Recession • Inflation • Depression • Sticky Floor Syndrome • Glass Ceiling • Equal Employment • Ethics

  3. True/False • The principle of private property is essential to our capitalistic system. • Profit is important to our economic system. • Demand is the same as want. • Competition is the same as monopoly. • Economic growth is basic to a healthy economy. • Demand increases; profit increases.

  4. True/False • Business cycles last about 3 years. • Decline in the GDP for six months or more is called a recession. • If demand drops; profits drop. • The business cycle includes 5 cycles. • During inflation, supply exceeds demand. • We can control economic growth by raising or lowering taxes.

  5. True/False • Competition is the rivalry among sellers for consumers’ dollars. • When supply and demand meet, it is called the “Market Price”.

  6. Complete • CPI means • GDP means • CERES Principles refers to • Generation X is _______ loyal. • Baby Boomer dates: • Labor Force means • Poverty level is under $______

  7. Complete • Define “Ethics” • Give me a “Changing American Value”. • What is our most important resource? • The US is divided into three main sections. They are: • What is “privatization”? • List the three economic systems. • List the three political systems.

  8. Complete • What are the four basic resources used by a producer? • An example of a capital good _____ • The first company to voluntarily agree to follow the CERES Principles ______

  9. Draw • Draw and label the business cycle

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