Term
| what is productive resources? |
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Definition
anything a business uses to add value.
EX:land labor capital and skillz |
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Definition
| social science that analyzes the production distribution and consumption of goods and services |
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Definition
| The value of the next highest valued alternative. |
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Term
| what is a command market? |
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Definition
| controlled by federal market |
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Term
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Definition
| ecisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens |
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Term
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Definition
| economic system in which both the state and private sector direct the economy |
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Definition
| measure of the efficiency of production |
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Definition
| behavior, and decision-making of an economy as a whole, rather than individual markets |
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Term
| define GDP and give the formula |
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Definition
| gross-domestic-product. C+I+G+(X-M) |
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Term
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Definition
| A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP |
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Term
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Definition
| Persistent high inflation combined with high unemployment and stagnant demand in a country's economy. |
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Term
| what is the 4 stages in the business cycle |
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Definition
Prosperity Phase : Expansion or Boom or Upswing of economy.
Recession Phase : from prosperity to recession (upper turning point).
Depression Phase : Contraction or Downswing of economy.
Recovery Phase : from depression to prosperity (lower turning Point). |
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Term
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Definition
| structural, cynical, and frictional. |
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Term
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Definition
| a government policy for dealing with the budget (especially with taxation and borrowing). |
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Term
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Definition
| The part of economics about single factors and the effects of individual decisions. |
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Term
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Definition
| is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service |
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Term
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Definition
| single seller of a product |
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Term
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Definition
| shared by a small number of producers or sellers. |
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Term
| what is an monopolistic competition |
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Definition
| Monopolistic competition is a form of imperfect competition where many competing producers sell products that are differentiated |
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Term
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Definition
| how much needs to be supplied |
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Term
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Definition
| how much the people want to buy it. |
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