2. 200 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 300 Economic Performance The Economy Types of Businesses Economic Terms Early History

3. -This is a term for the cyclical ups and downs of the economy? Row 1---100 Question

4. -business cycle Row 1---100 Answer

5. -This is the phase where the economy is growing? Row 1---200 Question

6. -expansion Row 1---200 Answer

7. -This is the phase where the economy has reached its highest point? Row 1---300 Question

8. -peak Row 1---300 Answer

9. -This is the phase where the economy is beginning to decrease? Row 1---400 Question

10. -contraction Row 1---400 Answer

11. -This is the phase where the economy has reached its lowest point? Row 1---500 Question

12. -trough Row 1---500 Answer

13. -This is the term for an economy that has been in a low point for an extended period of time? Row 2---100 Question

14. -recession / depression Row 2---100 Answer

15. -This is a measure of how well a person lives? Row 2---200 Question

16. -Standard of Living Row 2---200 Answer

17. Row 2---300 Question -What is the value of all the goods and services produced in the nation each year?

18. -GDP Row 2---300 Answer

19. Row 2---400 Question -Term for the general rise in the value of goods and services—rise in inflation caused value of money to decrease?

20. -Inflation Row 2---400 Answer

21. -This is a survey of many goods and services that are compared to the same goods and services over time to measure the increase or decrease in prices? Row 2---500 Question

22. -Consumer Price Index CPI Row 2---500 Answer

23. -Type of business that operates to provide a service and not to pay stockholders. Row 3---100 Question

24. -non-profit Row 3---100 Answer

25. -Economic idea that a person only risks the amount they have invested within a corporation. Row 3---200 Question

26. -limited liability Row 3---200 Answer

27. -Business that is owned by one individual—most common form of business in the United States. Row 3---300 Question

28. -sole proprietorship Row 3---300 Answer

29. -Piece of ownership in a corporation. Row 3---400 Question

30. -stock / share Row 3---400 Answer

31. -Piece of the profits from a corporation. Row 3---500 Question

32. -dividend Row 3---500 Answer

33. -This religious group arrived in what is now Massachusetts in 1620? Row 4---100 Question

34. -Pilgrims Row 4---100 Answer

35. -What was the agreement signed by the Massachusetts colonists that created a direct democracy for the colony? Row 4---200 Question

36. -Mayflower Compact Row 4---200 Answer

37. -Name the Puritan leader who wanted the Puritans to be an example to the rest of the world? Row 4---300 Question

38. -John Winthrop Row 4---300 Answer

39. -He was a Puritan dissenter who wanted separation of church and state? Row 4---400 Question

40. -Roger Williams Row 4---400 Answer

41. -What religious group was the Pennsylvania colony founded to welcome? Row 4---500 Question

42. -Quakers Row 4---500 Answer

43. -Term describing the situation when one nation produces a product better or cheaper than other nations? Row 5---100 Question

44. comparative advantage Row 5---100 Answer

45. -Idea of dividing labor into individual tasks in order to increase productivity? Row --200 Question

46. -division of labor / specialization of labor Row 5---200 Answer

47. -Economic idea that a larger business can operate at a more efficient rate because of its bulk. Same concept applies when buying items in large quantities? Row 5---300 Question

48. -economy of scale Row 5---300 Answer

49. -Economic idea that a person loses the chance to do something when you make a choice? Row 5---400 Question

50. -opportunity cost Row 5---400 Answer

51. -Economic idea that you deliberately make a decision and do so knowing the other options would be lost? Row 5---500 Question

52. -trade off Row 5---500 Answer