Term
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Definition
| decisions made based on precedent |
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Definition
| individuals (people make decisions) |
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Term
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Definition
| the gov't makes the major economic decisions, businesses don't have a lot of input |
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Term
| 3 Basic Economic Decisions |
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Definition
| What to produce, How to produce it, For whom to produce |
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Term
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Definition
| Not enough resources to satisfy wants |
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Term
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Definition
| Economy of the US: businesses + people make decisions |
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Term
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Definition
| The amount of a good/service that PRODUCERS want to make/sell |
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Term
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Definition
| The amount of a good/service that CONSUMERS are willing/able to buy |
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Term
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Definition
| people who start their own business and sell a new product |
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Term
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Definition
| gross domestic product: how much money is made in one year |
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Term
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Definition
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Term
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Definition
| the point where the supply and demand curve cross (both sides are happy) |
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Definition
| "extra" supply, triangle ABOVE supply/demand X |
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Term
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Definition
| "Not enough" supply, triangle BELOW supply/demand X |
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Term
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Definition
| money businesses make from selling products |
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Term
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Definition
| careful record that keeps track of what money to earn and spend |
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Term
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Definition
| the only person or business who makes something |
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Term
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Definition
| when GDP goes down for 6+ months (trough) |
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Term
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Definition
| severe economic decline, ppl lose their jobs, more people fall into poverty |
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Term
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Definition
| aid given to ppl in need to provide basic necessities for their family (clothes, food, house) |
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Term
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Definition
| paper or coins that hold a certain value specific to every country |
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Term
| FED (Federal Reserve Bank) |
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Definition
| manages currency, regulates smaller banks, serves as gov't bank, keeps the economy strong |
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Term
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Definition
| money individuals make for doing a job |
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