supply/demand
the point where supply meets demand
what is the equilibrium point
the comprised of four stages: Prosperity, recession, depression and recovery
what is the Business Cycle
the scientific study of how governments, households or businesses deal with production, distribution and consumption of goods and services
what is Economics
the quantity of goods and services buyers or consumers are willing to purchase at various prices
what is demand
the stage of business cycle that promotes high confidence in economy; increases spending; lowers unemployment; provides numerous jobs; “Business is Good”
The resources used to create a good or service
what is Economic Resources
oversupply of the product; prices are high, purchases are low
the stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment
what is recovery
the resources that can be used only once
what is nonrenewable
when demand is greater than supply
what is a shortage
the stage of business cycle that decreases confidence in economy; reduces spending; increases unemployment
what is recession
the resources used to create a good or service
what is Economic Resources
the oversupply of the product; prices are high, purchases are low
what is surplus
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
the resources that can be used multiple times
what is Renewable Resources