Supply/Demand
The quantity of goods and services consumer are willing to purchase at any given time?
what is demand?
oversupply of the product; prices are high, purchases are low
what is Surplus?
affecting supply
what is the Production costs?
two stages of the business cycle increase employment
what is Prosperity and recovery?
at a given time the quantity of goods and services sellers are willing to offer at various prices
What is Supply?
point where the supply equals the demand
what is Equilibrium Point?
affecting demand
what is Income?
two stages of the business cycle decrease confidence in the economy
what is Depression and recession?
When demand is greater than supply
What is a shortage?
stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment
What is Recovery?
The law of Demand
What is increased prices=decreased demand and decreased prices = increased demand
stage of business cycle that decreases confidence in economy; reduces spending; increases unemployment
what is recession?
example of a nonrenewable land resource
what is Oil
The law of supply
What is increased prices = increased supply and decreased prices= decreased supply?
stage of business cycle that promotes little confidence in economy, limits spending, increases unemployment (this step of the business cycle can be skipped)
What is Depression?