vocab
tangible items purchased to fulfill a desire
what are goods?
natural resources that are used in the production process; such as mineral deposits, oil deposits, forests and water
what is land?
stage of business cycle that promotes high confidence in economy; increases spending; lowers unemployment; provides numerous jobs; “Business is Good”
what is prosperity?
goods and services that are desired
what are wants?
changes land into goods and services; also referred to as human resources
what is labor?
stage of business cycle that decreases confidence in economy; reduces spending; increases unemployment
what is recession?
stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment
what is recovery?
the costs of various items such as equipment, machinery, factories and tools; furthers production with the use of manufactured instruments
what is capital?
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?
at a given time, the quantity of goods and services buyers or consumers are willing to purchase at various prices
what is demand?
synonymous with entrepreneur or enterpriser factor; organizes the three factors of production
what is management?
stage of the business cycle that displays increasing confidence in economy, increased spending and decreasing unemployment
what is recovery?
comprised of four stages: Prosperity, recession, depression and recovery
what is the business cycle
resources that are in fixed amounts
what are nonrenewable rescores?
the order the cycle is in
what is prosperity ,recession ,depression ,and recovery?