1. What are the two basic forms of planned economies?
2. Explain the law of demand:
3. Explain the law of supply:
4. The price a which the quantity of goods demanded and the quantity of goods supplied are equal is known as:
5. Explain the situation when a surplus occurs:
6. Name the four elements required by private enterprise:
7. Name the four degrees of competition in a private enterprise system:
8. What economic indicators help assess the performance of an economy?
9. Experts call the pattern of short-term ups and downs in an economy the:
10. The principle in which exchange rates are set so that the prices of similar products in different countries are about the same is known as:
11. A major factor in the growth of an economy is:
12. Describe a country’s balance of trade:
13. What is national debt?
14. What is a depression?
When was the last depression in the U.S. and how long did It last?
15. How does the government act to manage the U.S. economic system?