supply and demand
When prices go up consumers usually buy less of this
What is demand?
The market structure has many businesses selling similar products.
What is competition?
A period of economic growth
What is expansion?
Money you earn from working
What is income?
The total value of goods and services produced in a country
What is GDP?
This happens when quantity supplied equals quantity demanded
What is equilibrium?
This market structure has only one seller
What is monopoly?
A period when the economy slows down
What is recession?
Money spent on wants instead of needs
What is discretionary spending?
A rise in overall prices over time
What is inflation?
A graph showing how much people will buy at different prices
What is a demand curve?
Fast food companies are an example of this market structure.
What is monopolistic competition?
The lowest point of the business cycle
What is trough?
A plan for managing money
What is a budget?
People without jobs but looking for work are counted in this rate
What is unemployment rate?
When a product becomes more expensive producers usually do more of this.
What is increase supply
A market controlled by a few large companies
What is oligopoly?
The highest point of the business cycle
What is peak?
This helps your money grow overtime in a savings account
What is interest?
High inflation lowers this
What is purchasing power?
A shortage happens when demand is greater than this
What is supply?
Price retailers have to pay to get goods
What is wholesale price?
This often rises during a recession
What is unemployment?
Putting money aside for future use
What is saving?
GDP usually falls during this part of the business cycle
What is recession?