Economics
Refers to the economic problem of having limited resources with unlimited wants
Scarcity
Things that people must have to survive
Needs
Things that people would like to have but can live without
Wants
How badly people want a good or a service.
Demand
Goods/services that is sold to a foreign country/state
EXport
Someone who buys goods and services
Consumer
Non-tangible actions done for others in exchange for payment
Services
Tangible items that people consume or use
Goods
Entrepreneur
Import
The study of how people use their resources to meet their needs.
Economics
In the ______________(insert answer), businesses purchase resources, including labor, from households and pay firms for them.
Labor Market
A general increase in prices; affects the economy
Inflation
The _________ is the plan for how the government will spend their money
Federal Budget
Unemployment closely tied to the business cycle, like higher unemployment during a recession?
cyclical unemployment
A ____________ is an excess of supplies.
During the business cycle, the highest point of output before a recession begins?
The Peak
Individuals who are employed in a job that is below their skills
Underemployment
All types of business that are related to the same good or service
Industry
The amount of goods available (to be bought)
Supply
What type of economy do we see in countries like North Korea, they decide what to produce.
Command Economy
The lowest point in the business cycle is
The trough
A "free market" economy
Market Economy
A new graduate enters the work force and is looking for a job. She is considered what type of employment?
Frictional employment
An economy experiences stagnant growth and high inflation at the same time?
stagflation