Vocabulary 1
A situation where the quantity demanded is greater than the quantity supplied.
What is shortage?
The repeated pattern of expansion and contraction in economic activity over time.
What is Business Cycle?
The total dollar value of all final goods and services produced within a country during a specific period of time.
GDP (Gross Domestic Product)
The amount of a product that producers are willing and able to sell at a specific price.
What is Quantity Supplied?
A period when the economy is growing, with increasing production, employment, and spending.
What is expansion?
A statistic or measurement that helps show the health and direction of an economy.
What is Economic Indicator?
The amount of a product that consumers are willing and able to buy at a specific price.
What is quantity demanded?
The point where the quantity supplied equals the quantity demanded.
What is equilibrium?
The highest point of economic activity before the economy begins to slow down.
What is peak?
A measure that tracks changes in the prices consumers pay for a typical group, or "basket," of goods and services.
What is CPI (Consumer Price Index)?
The highest point of economic activity before the economy begins to slow down.
What is surplus?
A graph that shows the relationship between the price of a product and the quantity producers are willing to supply.
What is supply curve?
A change in the amount producers are willing to sell caused by something other than the product's price, such as production costs, technology, or the number of sellers.
What is shift in supply?
A change in the amount consumers are willing to buy is caused by something other than the product's price, such as income, preferences, population, or prices of related products.
What is shift in demand?
A graph that shows the relationship between the price of a product and the quantity consumers are willing to buy.
What is demand curve?
A significant decline in economic activity that lasts for a period of time.
What is recession?
Money spent by individuals and households on goods and services.
What is consumer spending?
The process of creating goods and providing services.
What is production?
The period when the economy begins growing again after a recession.
What is recovery?
A severe and long-lasting decline in economic activity, employment, and production.
What is depression?
The amount of goods and services produced by a worker or business using a given amount of resources.
What is productivity?
The condition of people who are able and willing to work but do not have a job.
What is unemployment?
A general increase in the prices of goods and services over time.
What is inflation?
An increase in the amount of goods and services an economy produces over time.
What is economic growth?
The percentage of people in the labor force who are unemployed and actively looking for work.
What is unemployment rate?