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Econ Vocabulary

3A Hudson

TermDefinition
Economics the branch of knowledge concerned with the production, consumption, and transfer of wealth
Scarcity unlimited wants, limited resources
Opportunity Cost A benefit, profit, or value of something that must be given up to acquire or achieve something else
Market Economy money control citizens and businesses. There is little government intervention
Equilibrium Price the market price where the quantity of goods supplied is equal to the quantity of goods demanded.
Breakeven Analysis to determine the number of units the business needs to sell in order to avoid losses.
Breakeven Point total cost and total revenue are equal
Business Cycle fluctuation in economic activity that an economy experiences over a period of time
Recession decline in gross domestic product
Depression a sustained, long-term downturn in economic activity
Economic Indicators statistic about an economic activity. economic performance and predictions of future performance.
Created by: JourniW
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