Economy
The scientific study of how households, businesses, and governments deal with the production, distribution, and consumption of goods and services
What is economics?
What is Land?
The first stage in the Business Cycle
What is Prosperity?
Tangible items purchased to fulfill a desire
What is goods?
Provides skills and talents to the production process by people
What is Labor?
Occurs when profits are less in comparison to the Prosperity stage
What is Recession?
Intangible tasks preformed in exchange for something of value
What is services?
Furthers production with the use of manufactured instruments.
What is Capital?
A step in the cycle that can be skipped
What is Depression?
Study of economies as a whole.
What is Macroeconomics?
Synonymous with Entrepreneurship and initiates production
What is Management?
Occurs when business bounces back from Recession or Depression
What is Recovery?
Study of individual economic units, such as businesses or households
What is Microeconomics?
Resources with fixed amounts
What is Nonrenewable Resources?
The other name for Recovery
What is Expansion?