Vocab
Unlimited Wants + Limited Resources = Scarcity
what is Basic Economic Problem
Is synonymous with human resources
what is Labor
First Stage in the business Cycle
what is prosperity
oversupply of the product; prices are high, purchases are low
what is Surplus
Resources in fixed amounts
what is nonrenewable resources.
Promotes little confidence in the economy
what is depression
at a given time the quantity of goods and services sellers are willing to offer at various prices.
what is supply
Organizes the other three factors of production
what is Management
Occurs when profits are less in comparison to the prosperity stage
What is Recession
stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment.
What is Recovery
Buy goods and services from producers
What are Distributers
Occurs when a Business Begins to bounce back From a Recession or depression
What is Recovery
synonymous with entrepreneur or enterpriser factor; organizes the three factors of production
What is management
Work for producers and distributers to earn wages and benefits
what are Consumers
Promotes high confidence in the economy
What is Prosperity