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Chapter 2. Lesson 2

The document contains a vocabulary quiz focused on economic terms such as GDP, recession, and economic expansion. It includes definitions and fill-in-the-blank questions to assess understanding of these concepts. Key terms related to economic performance and production processes are highlighted throughout.

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6 views1 page

Chapter 2. Lesson 2

The document contains a vocabulary quiz focused on economic terms such as GDP, recession, and economic expansion. It includes definitions and fill-in-the-blank questions to assess understanding of these concepts. Key terms related to economic performance and production processes are highlighted throughout.

Uploaded by

phuonganhnv0304
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

CHAPTER 2.

VOCABULARY QUIZ
Recession Economic downturn Mass-produce Demand
GDP Economic expansion Price tag Supply
Depression Boom Order backlog Quality control
Bubble Production cycle Economic recovery Stagnation

1. The statistic that is used to measure how well an economy is performing, is called
__________.
GDP

2. When the size of an economy is growing, it is called a period of __________.


economic expansion

3. When an economy decreases in size for 6 months of more, it is called a ___________.


recession

4. The amount of a product or service that is available to buy, is called the ___________.
supply

5. When the size of an economy starts to decrease in size, it is called an ___________.


economic downturn

6. When an economy has a long period of very low economic growth, it is called a period
of __________.
stagnation

7. When the value of a type of product increases dramatically and it becomes very
overvalued, it is called a __________.
boom

8. When the size of an economy starts to grow again after a period when it has been
decreasing in size (e.g. a recession), it is called a period of __________.
economic recovery

9. When an economy decreases in size for 2 years of more, it is called a __________.


depression

10. The amount of people or consumers who want to buy a product or service, is called the
__________.
demand

11. When an economy has a long period of good economic expansion, it is called a
__________.
bubble

12. To mass-produce
__________ is to produce a lot of goods cheaply using machines in a factory.
13. Unfortunately, we have an ___________
order backlog for two months. We could deliver the items
in January.
14. We need to change the ___________
price tag on that item as we've raised prices.
15. We make sure to implement stringent quality
___________
control on each product.

16. Our ________________


production cycle takes about three months to complete.

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