14. What are the two basic forms of planned economies?

15. Explain the law of demand:

16. Explain the law of supply:

17. The price a which the quantityof goods demanded and the quantity of goods supplied are equal is known as:

18. Explain the situation when a surplus occurs:

19. Name the four elements required by private enterprise:

20. Name the four degrees of competition in a private enterprise system:

21. What economic indicators help assess the performance of an economy?

22. Experts call the pattern of short-term ups and downs in an economy the:

23. 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:

24. A major factor in the growth of an economy is:

25. Describe a countrys balance of trade:

26. What is national debt?

27. What is a depression?

When was the last depression in the U.S. and how long did It last?

28. How does the government act to manage the U.S. economic system?