Ch.1
basic economic problems
the problems which face individuals businesses and governments of satisfying unlimited wants with limited resources
Business
a person's regular occupation
Demand
an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them
Base year:
the first of a series of years in an economic or financial index
Custom manufacturing
-the process of designing, engineering, and producing goods based on a customer's unique specifications
Capital resources
tools equipment and buildings used in producing goods and services
Capitalism
an economic and political system
Labor productivity
a measure of economic performance that compares the amount of output with the amount of labor used to produce that output.
Business cycle
comprised of concerted cyclical upswings and downswings in the broad measures of economic activity—output, employment, income, and sales.
Extractor
-a machine or device used to extract something.
Economic decisions
involve production, distribution, exchange, consumption, saving, and investment of economic resources
Enterprise
a project or undertaking, typically one that is difficult or requires effort
Public goods
a commodity opr service that is provided without profit
Deflation
a general decline in prices for goods and services
Marketer-.
a person or company that advertises or promotes something
Economic resources
- the inputs we use to produce goods and services
Competition
-the activity or condition of competing.
Standard of living
the degree of wealth and material comfort available to a person or community.
Depression
a common mental disorder
Manufacturer-
a person or company that makes goods for sale.
Goods
merchandise or possessions
Custom
based traditional economies are those in which customs and traditions are more important than money
Supply]
make (something needed or wanted) available to someone; provide.
Gross domestic product
increased at an annual rate of 3.3 percent in the fourth quarter
Mass production
- the production of large quantities of a standardized article by an automated mechanical process