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