UTILITY
Making or producing things. Involves changing raw materials or putting parts together to make them more useful.
FORM
The struggle between companies.
COMPETITION
Research and development along with plans for new facilities will stop or slow down during:
RECESSION
All things used in producing goods and services
RESOURCES
Measures the change in price over time of 400 specific goods and services used by the average urban household.
CONSUMER PRICE INDEX
Making a product available at the right time of year or a convenient time of day.
Condition that exists when people’s wants and needs exceed their resources.
SCARCITY
A period of transition in an economy that marks the end of a period of declining business activity and the transition to expansion.
TROUGH
The amount of goods and services that producers are willing and able to provide.
SUPPLY
Measurement of the amount of goods and services people have.
The ability to aid customers in owning goods.
System by which a nation decides how to use its resources to produce and distribute goods and services.
ECONOMY
A period of renewed economic growth.
RECOVERY
The proportion of the labor force that is not currently employed.
UNEMPLOYMENT RATE
Measure of the goods and services produced using labor and property located in the country.
GROSS DOMESTIC PRODUCT
Utility that focuses on product details, marketing campaigns, product samples, test drives, etc.
INFORMATION UTILITY
A country’s physical development, including the state of its roads, ports, sanitation facilities, and utilities.
INFRASTRUCTURE
A time of economic prosperity.
EXPANSION
A type of competition that goes on the assumption that quality, service, location, and reputation will affect which product consumers purchase.
NON-PRICE COMPETITION.
Measure of the goods and services produced by the citizens of a country within the country and abroad.
GROSS NATIONAL PRODUCT
Occurs when the amount of product supplied equals the amount of product demanded. Also known as market price.
EQUILIBRIUM
Refers to the rate at which prices rise.
INFLATION
The amount of goods and services that consumers are willing and able to buy.
DEMAND
Skills of the people who are willing to risk their time and money to run a business.
ENTREPRENERUSHIP
The United States and Japan are classified as:
CAPITALIST ECONOMY.