Term
click below
click below
Term
Normal Size Small Size show me how
OTB CH 1
Term | Definition |
---|---|
Economic Decision Making | Process of choosing which wants, among several options will be satisfied |
Producers | Individuals and organizations that determine what products and services will be available for sale |
Needs | Things that are required in order to live |
Economic Resources | Means through which goods and services are produces |
Scarcity | Not having enough resources to satisfy every need |
Consumer | Person who buys and uses goods and servieces |
Goods | Things you can see and touch |
Wants | Things that add comfort and pleasure to your life (You can live without them) |
Services | activities that are consumed at the same time they are produced (something that is done for you) |
Business Cycle | The movement of an economy from on condition to another and back again |
Gross Domestic Product | The total value of all final goods and services in a country in one year |
Budget Surplus | Government spends less than it takes in |
Depression | A phase in the economic cycle marked by long periods of high unemployment, weak consumer sales, and business failure. |
Bond | Represents debt in an organzation |
Personal Income | Salaries and wages as well as investment income and government payment to individuals |
Capitalism | Private ownership of resources by individuals rather than by the government, |
Traditional Economy | A system in which goods and services are produced the way it has always been done. |
Mixed Economy | A system in which elements of a command and market economy is mixed |
Demand | Quantity of a good or service that consumers are willing and able to buy at a particular price. |
Market Price | The point where supply and demand are equal |