1.
The way a country organizes its resources and distributes goods and services to its citizens.
2.
An economic system where private businesses and consumers decide what to make and buy based on supply and demand, without government interference.
3.
An economic system where the government owns all resources and completely controls what goods are made, how they are produced, and how much they cost.
4.
An economic system that blends free market freedom with government rules, allowing private businesses to make choices while the government regulates key industries to protect consumers.
5.
The value of all the final goods/services produced within a country's borders over a specific period (year or quarter).
6.
The percentage of the total labor force that is jobless, available to work, and actively seeking employment during a specific period.
7.
The general rise in prices over time, which means your money buys less than before.
8.
Is the amount of goods and services you can buy with a specific amount of money.
9.
Is the percentage change that shows how fast prices for goods and services are rising over a specific period of time.
10.
A tool that measures the average change over time in the prices that shoppers pay for a standard basket of everyday goods and services. (CPI)
11.
Is the natural rise and fall of economic growth over time, moving through periods of expansion, peaks, recessions, and troughs.
12.
This phase of the business cycle is a period of economic growth characterized by rising employment, increased business production, and higher consumer spending.
13.
This phase of the business cycle is the highest point of economic activity before a slowdown begins, representing maximum output, low unemployment, and high inflationary pressures.
14.
This phase of the business cycle is marked by a significant decline in economic activity spread across the economy, lasting more than a few months, typically marked by falling real GDP and rising unemployment.
15.
This phase of the business cycle is the lowest point of economic activity, marking the end of a recession and the transition back to expansion.
16.
When the government uses spending and taxation to help manage the economy.
17.
When a country’s central bank manages interest rates and influences the money supply to help guide overall economic conditions.
18.
The central bank in Canada.
19.
These countries are poor nations facing severe poverty, weak infrastructure, low literacy, and political conflict while relying heavily on basic agriculture and limited technology.
20.
These countries are in the process of industrializing and transitioning from a low-income, often agriculture-based economy to a more modern, diverse and prosperous one.
21.
These countries are characterized by high per capita income and advanced infrastructure, where most people have access to high-quality healthcare, education and Technology.
22.
A United Nations tool that measures a country's overall well-being by combining its life expectancy, education levels, and standard of living.
