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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.
The quantity of a product or sevice that businesses are willing and able to provide at a particular price.
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.
a period where demand begins to decrease, businesses lower production of goods and services, unemployment begins to rise.
a phase marked by a prolonged period of high unemployment, weak sales of goods and services, and business failures.
The phase in whch unemployment begins to decrease.
A sustained increase in the general level of prices
A decrease in the general level of prices.