point where the supply equals the demand
what is Equilibrium Point
Is synonymous with natural resources
what is Land
The business Cycle
What is Prosperity, Recession, Depression, and Recovery
Deciding which wants are most important
What is Setting priorities
Quantity of goods and services consumers are willing to purchase at various prices at any given time
What is Demand
study of individual economic units such as businesses and households
what is Microeconomics
Changes land into goods and services
what is Labor
Provides numerous jobs
What is Prosperity
The good or service you give up when you choose another good or service
What is Opportunity cost
Increased prices= Decreased Demand
Decreased prices = Increased Demand
What is Law of Demand
tangible items purchased to fulfill a desire
what is Goods
Furthers production with the use of manufactured instruments
What is capital
Reduces spending
What is recession
Does not always involve tangible goods or money
What is opportunity cost
Is the quantity of goods and services sellers are willing to offer at various prices at any given time
What is supply
undersupply of the product; prices are low, purchases are high
what is Shortage
Creates a profit when performed efficiently
What is Management
Promotes little confidence in the economy
What is Depression
Include the amount of goods and services produced and purchased
What is Economic Decisions
Increase prices= increased supply
Decreases prices = Decreased supply
what is Law of Supply
Unlimited Wants + Limited Resources = Scarcity
what is Basic Economic Problem
Roles Contributing to Economic Interdependence
What is Producer, Distributors, and Consumers
Occurs when a business begins to bounce back
What is Recovery
When demand is greater than supply
What is Basic economic problem
Production costs, technology, improvements in efficiency
What is factors affecting supply