Economics
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30 Terms
What is demand?
The amount of a good or service consumers are willing and able to buy.
What is supply?
The amount of a good or service producers are willing and able to sell.
What happens to demand when prices increase?
Demand usually decreases.
What happens to supply when prices increase?
Supply usually increases.
What is equilibrium?
The point where supply equals demand.
What is a shortage?
When demand is greater than supply.
What is a surplus?
When supply is greater than demand.
Which way does a demand curve slope?
Downwards from left to right.
Which way does a supply curve slope?
Upwards from left to right.
What is a market?
Any place where buyers and sellers exchange goods and services.
What is GDP?
The total value of goods and services produced in a country.
What is inflation?
A rise in the general level of prices over time.
What is unemployment?
When people who want work cannot find a job.
What is a recession?
A period of economic decline.
What is a boom?
A period of strong economic growth.
What is economic growth?
An increase in the production of goods and services.
What are the four stages of the business cycle?
Expansion, Boom, Contraction, Recession.
What is productivity?
The amount produced per worker.
Why do businesses seek profit?
To grow and remain successful.
What is entrepreneurship?
Starting and managing a business while taking risks.
What is a budget?
A plan for income and expenses.
What is income?
Money received from work or other sources.
What are expenses?
Money spent on goods and services.
What is saving?
Setting money aside for future use.
What is interest?
Money earned on savings or paid on loans.
What is a debit card?
A card that uses money from your bank account.
What is a credit card?
A card that borrows money from a lender.
Why is compound interest powerful?
You earn interest on previous interest.
What is consumer choice?
Deciding which goods or services to buy.
What is opportunity cost?
The next best alternative given up.