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The business cycle is
- the alternating pattern of expansion and contraction in the economy.
- the study of a country’s national economy as a whole.
- the process of encouraging entrepreneurs to invest in a business.
What is an example of a factor market, in which a firm buys factors of production from households?
- someone buying a new car
- someone buying a boat
- a business hiring laborers
What is an example of a GOOD?
- a pair of shoes
- mowing a lawn
- changing the oil in a car
An economy in which government answers the three basic economic questions is a free market economy.
A country’s gross domestic product is the total value of goods and services produced in the country in a given year.
A company that increases output by hiring another worker is enjoying
- diminishing marginal returns.
- increasing marginal returns.
- negative marginal returns.
The law of demand says that consumers will buy more of a good when its price is lower.