vocab.
study of individual economic units such as businesses and households
What is microeconomics
is synonymous with natural resources
what is land
is the first stage of the business cycle
what is prosperity
goods and services that are necessary for survival
what is needs
is synonymous with human resources
what is labor
is the fourth stage of the business cycle
what is recovery
comprised of four stages: Prosperity, recession, depression and recovery
what is business cycle
furthers production with the use of manufactured instruments
what is capital
occurs when profits are less in comparison to the prosperity stage
what is recession
stage of business cycle that decreases confidence in economy; reduces spending; increases unemployment
what is recession
buys goods and services from producers; sells goods and services to consumers
what is distributors
promotes little confidence in the economy
what is depression
turn economic resources into factors of production; produce goods and services to sell to distributors; pay wages and benefits to consumers for labor used in production
what is producers
turns economic resources into factors of production; produces goods and services to sell to distributors
what is producers
the things every business goes through in its lifetime
what is business cycle