Vocabulary
Factors of production
The Business Cycle
Economic Decisions
Supply and Demand
100

point where the supply equals the demand

what is Equilibrium Point

100

Is synonymous with natural resources

what is Land

100

The business Cycle

What is Prosperity, Recession, Depression, and Recovery

100

Deciding which wants are most important 

What is Setting priorities

100

Quantity of goods and services consumers are willing to purchase at various prices at any given time

What is Demand

200

study of individual economic units such as businesses and households

what is Microeconomics 

200

Changes land into goods and services

what is Labor

200

Provides numerous jobs

What is Prosperity

200

The good or service you give up when you choose another good or service

What is Opportunity cost

200

Increased prices= Decreased Demand

Decreased prices = Increased Demand

What is Law of Demand 

300

tangible items purchased to fulfill a desire

what is Goods 

300

Furthers production with the use of manufactured instruments

What is capital

300

Reduces spending

What is recession

300

Does not always involve tangible goods or money

What is opportunity cost

300

Is the quantity of goods and services sellers are willing to offer at various prices at any given time

What is supply

400

undersupply of the product; prices are low, purchases are high

what is Shortage

400

Creates a profit when performed efficiently

What is Management

400

Promotes little confidence in the economy

What is Depression

400

Include the amount of goods and services produced and purchased

What is Economic Decisions

400

Increase prices= increased supply

Decreases prices = Decreased supply

what is Law of Supply

500

Unlimited Wants + Limited Resources = Scarcity

what is Basic Economic Problem 

500

Roles Contributing to Economic Interdependence

What is Producer, Distributors, and Consumers

500

Occurs when a business begins to bounce back

What is Recovery

500

When demand is greater than supply

What is Basic economic problem

500

Production costs, technology, improvements in efficiency

What is factors affecting supply

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