refers to the production output in relation to a unit of input such as a worker
What is productivity?
100
lowest legal wage that can be paid to most workers
What is minimum wage?
100
a bond issued by the U.S. government to cover deficit spending; bonds are long-term investments with a maturity of 20 or 30 years
What is US Treasury Bonds?
100
(economics) a market in which there are many buyers but only one seller
What is a monopoly?
100
The total value of goods and services produced in a country in a given year after indexing or removing the effects of inflation
What is real GDP?
200
refers to the production output in relation to a unit of input such as a worker
What is unemployment rate?
200
graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
What is demand curve?
200
"As price increases, the amount purchased will decrease."
What is Law of Demand?
200
(economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
What is an oligopoly?
200
The decline in overall prices within an economy and is a sign of a deep and prolonged recession
What is deflation?
300
Gross Domestic Product: the total dollar value of final goods and services produced in a county during one year.
What is GDP?
300
situation where quantity supplied is less than the quantity demanded at a given price
What is shortage?
300
A product used in place of another product.
What is a substitute?
300
a business in which two or more persons combine their assets and skills
What is a partnership?
300
The rate of ____ is the percentage change in the CPI over a period of time in the U.S.
What is inflation?
400
the value of the next best alternative that you did not choose
What is opportunity cost?
400
condition of price stability where the quantity demanded equals the quantity supplied
What is market equilibrium?
400
The use of one product increases the use of another product.
What are complimentary goods?
400
money that is not backed by anything of value but serves as money because of governmental decree.
What is fiat money?
400
The combination of high inflation and low economic growth
What is stagflation?
500
the quantity of a good or service that consumers are willing and able to buy
What is demand?
500
condition of price stability where the quantity demanded equals the quantity supplied
What is Consumer Price Index?
500
Ideal price which can sell products and satisfy all consumers.
What is equilibrium price?
500
measure of value
What is a function of money?
500
The result of changes in the economy due to recessionary pressure