Chapter+3+&+4+Study+Guide


 * //Complete the Study Guide using Google Docs. Share with// jgrams@hlv.k12.ia.us before the beginning of Thursday's class.**

1. What is the term for a period of prolonged recession?

2. What is the name for a time when the economy is flourishing, also referred to as a period `of prosperity?

3. Roads, ports, sanitation facilities, and utilities (especially telecommunications) are all examples of what?

4. In what kind of economy is there no government involvement?

5. What economic system is described as: the political and economic philosophies characterized by marketplace competition and private ownership of businesses?

6. During the Gulf War, the US placed a total ban on all exports to Iraq. What is another name for this ban?

7. In a market economy, who decides how products are produced?

8. In order for an economy to be successful, what three factors are most important?