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20 Cards in this Set

  • Front
  • Back
Goods
products that can be made
Businesses in our country are manufactoring less and less. This means we are moving toward.................
a service-producing economy
inflation
a rise caused by increased demand or low supply
During a strike all the workers......................
stop working, leave their jobs, try to get their working conditions and/or pay improved
Free enterprise system
an economic system in which individuals and private businesses are free to organize and operate with little interference from the government
Another name for the free enterprise system is............
capitalism
Services
doing something that helps someone else
What happens during deflation?
Prices drop
Income
spendable money
according to the law of supply and demand, when the supply of goods and services goes up, prices...........
go down
Economic system
a group of people producing, selling, and using goods and services
Our economy is based on the production of.............
goods and services
Profit
the money left after a business has paid all its expenses
A boon is a time in which..............
consumers have lots of money to spend and production is high
Depression
a low period in the economy when production is down
A labor union is a group of ..........
workers in the same job or industry
Standard of living
an indication of what items consumers can buy and how much those items cost
Consumers are best defined as people who............
spend money to buy goods and services
entrepreneurs
people who work for themselves; they start and own businesses and create jobs for other people
The main goal of every business is to............
earn a profit