Resources
Natural Resource
The cheaper it is, the more people want to buy is called this.
Law of Demand
This is the study of your choices and how people/businesses use limited resources to satisfy our unlimited needs/wants
ECONOMICS, DUH
This is the place where buyers buy goods and services and businesses sell
PRODUCT MARKET
The top of the business cycle is called this
THE PEAK
People are known as this kind of resource
Human Resource/Labor
This along with price is used to create our demand and supply curves
Quantity
Our most basic economic problem, how we use our limited resources to satisfy our unlimited needs
SCARCITY
RESOURCE MARKET
The bottom of the business cycle is called this
THE TROUGH
A natural resource that can be reproduced is called...
Renewable Resource
The more something costs, the more companies want to produce is called
LAW OF SUPPLY
A Loss you have already incurred and can't get back.
In economics, we tell you to ignore this.
SUNK COST
1) households
2) businesses
3) government
RECOVERY & EXPANSION
If water comes from the earth it is called a natural resource, if it comes from a bottle it is called a...
GOOD
MARKET EQUILIBRIUM
When making a choice, the things you give up is known as this (everything has a cost)
OPPORTUNITY COST
This is a positive/negative effect in the Circular Flow of Money leading to mass job creation or mass unemployment
MULTIPLIER EFFECT
The economy is shrinking in these 2 stages of the business cycle
RECESSION & DEPRESSION
The money to start a new business is called this type of resource
CAPITAL RESOURCE
SURPLUS
rewards, style, advertising, etc.
THE GOVERNMENT
The Business Cycle has how many stages? Name them.
6: peak, trough, recession, depression, recovery , 7 expansion