Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
the quantity of a product or service that consumers are willing and able to buy at a particular price.
|
Demand
|
|
|
The quantity of a product or sevice that businesses are willing and able to provide at a particular price.
|
Supply
|
|
|
the way you live as measured by the kinds and quality of goods and services you can afford
|
standard of living
|
|
|
The quantity of a good that an average worker can produce in an hour.
|
Labor (or worker) productivity
|
|
|
Something needed by a community and provided by a government
|
Public Goods
|
|
|
The total dollar value of all final goods and services produced in our country during one year.
|
Gross Domestic Product (GDP)
|
|
|
The Year chosen to compare an item, such as price, to any other year.
|
Base year
|
|
|
Calculated by Dividing GDP by the total population.
|
GDP per capita
|
|
|
Movement of Economy from one condition to another and back again
|
Business cycle
|
|
|
a phase of the business cycle when most people who want to work are working and businesses produce goods and services in record numbers.
|
Prosperity
|
|
|
a period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise.
|
Recession
|
|
|
a phase marked by a prolonged period of high unemployment, weak sales of goods and services, and business failures.
|
Depression
|
|
|
The phase in whch unemployment begins to decrease.
|
REcovery
|
|
|
A sustained increase in the general level of prices
|
Inflation
|
|
|
A decrease in the general level of prices.
|
Deflation
|
