Vocabulary Ch.1
Things that are required in order to live.
What are needs?
Activities provided for the satisfaction of others that are consumed at the same time they are produced.
What are services?
The total value of all final goods and services produced in a country in one year.
What is gross domestic product (GDP)?
Production output in relation to a unit of input, such as a worker.
What is productivity?
This is how old Mr. Undem is.
What is a young 29. No, I'm not that old
Individuals and organizations that determine what products and services will be available for sale
Who are Producers?
Things that you can see and touch
What are goods?
Represents ownership in a corporation
What is stock?
An increase in the general price level.
What is inflation?
Legend has it that this is Mr. Undem's favorite color
What is blue?
Quantity of a good or service that consumers are willing and able to buy.
What is demand?
Quantity of a good or service that business are willing and able to provide.
What is supply?
A phase marked by a long period of high unemployment, weak consumer sales, and business failures.
What is depression?
A period in which demand, production, and DGP growth decrease and unemployment begins to rise.
What is recession?
This is the amount of surgeries that I have had so far in my life.
What is 3, and likely a 4th on the way.
Process of choosing which needs and wants will be satisfied.
What is economic decision making?
Point where supply and demand are equal.
What is market price?
The portion of people in the labor force who are not working.
What is unemployment rate?
When a government spends less than it takes in.
What is budget surplus?
This is the amount of siblings I have.
What is 3?
Economy in which goods and services are produced the way it has always been done.
What is a traditional economy?
Private ownership of resources by individuals rather than by the government.
What is capitalism?
The total amount owed by the federal government.
What is national debt?
The phase in which unemployment decreases, demand for goods and services increases, and GDP begins to rise.
What is recovery?
This is Mr. Undem's favorite sauce to get at Buffalo Wild Wings.
What is parmesan garlic?