Vocabulary
The scientific study of how governments, households or businesses deal with production, distribution, and consumptions of goods and services.
What is economics?
Is the first stage of the business cycle.
What is prosperity?
The good or service you give up when you choose another good or service.
What is opportunity cost?
The cost of various items such as equipment, machinery, factories and tools.
What is capital?
is the third stage of the business cycle.
What is depression?
Are affected by supply and demand.
What is economic decisions?
Turn economic resources into factors of production.
What is producers?
Occurs when profits are less in comparison to the prosperity stage.
What is Recession?
At a given time the quantity of goods and services sellers are willing to offer at various prices.
What is supply?
What is recovery?
What is recovery?
At a given time, the quantity of goods and services buyers and consumers are willing to purchase at any given time.
What is demand?
Unlimited wants + limited sources = scarcity
What is Basic Economic problem?
Is the lowest point in the business cycle and decreases confidence in the economy.
What is Depression?
When demand is greater than supply, a shortage occurs.
What is basic economic problem?