Term
|
Definition
| Economic resources are also referred to as this. (3 Words) |
|
|
Term
|
Definition
| Raw Materials supplied by nature |
|
|
Term
|
Definition
| The buildings, equipment, and supplies used in the production of goods and services. |
|
|
Term
|
Definition
| Not having enough of a particular resource |
|
|
Term
|
Definition
| The value of the next best alternative that you did not choose to purchase. |
|
|
Term
| Command, Market, Traditional, Mixed |
|
Definition
| List the 4 Types of Economic Systems |
|
|
Term
What goods and services will be produced?
How will the goods and services be produced?
What needs and wants will be satisfied with the goods produced? |
|
Definition
| List the 3 Economic Questions |
|
|
Term
| Capitalism, Market Economy, Free Enterprise, Private Enterprise, |
|
Definition
| Names for the U.S. economic system |
|
|
Term
|
Definition
| The rivalry among businesses to sell their goods and services. |
|
|
Term
|
Definition
| Person who buys and sells products/services. |
|
|
Term
|
Definition
| Point at which supply and demand meet on the curve. |
|
|
Term
| GDP - Gross Domestic Product |
|
Definition
| How is our Economic Growth and our Country's Sales measured? |
|
|
Term
Products imported into the U.S.
Products made by U.S. Countries outside of U.S.
Products not purchased as final product. |
|
Definition
| Name one item that is NOT included in GDP |
|
|
Term
|
Definition
| % of People in the workforce what are not working but actively seeking a job. |
|
|
Term
| Prosperity, Recession, Depression, Recovery, |
|
Definition
| List the 4 conditions in the Business Cycle |
|
|
Term
|
Definition
| Increase in the general level of prices |
|
|
Term
|
Definition
| Represents Debt for an organization |
|
|
Term
|
Definition
| When a country exports more than it imports. |
|
|
