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GED Social Studies Ch 20 - Economics #2

In economics, what is a market?

A place where you can buy fruits & veg

A place where you can buy meat and cheeses

A system in which goods, services, and capitol are exchanged

A system of bartering

In economics, what is a monopoly?

A game by Parker Brothers

Where one company controls an entire industry or becomes the only company to make a certain product

Absolute power

Free enterprise

The concept of a "balance of payments deficit" and "balance of payments surplus" is what?

Where a country buys more from foreign countries than it sells; and if a country sells more than it buys

Where a country owes other countries money from trade

Is only applicable for international trade

Is only applicable for national trade

Antitrust Laws were created to

Prevent the people from trusting big business

Protect banks and investors

Prevent the formation of monopolies

Protect the citizens

Macroeconomics does what?

Looks at international trade

Looks at the entire economy instead of individual trades

Focuses on policies like government spending and taxes

Influences inflation and deflation

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