| A | B |
|---|
| Direct Impact | the total of new spending resulting from an event. |
| Indirect Impact | determined by the multiplier effect, meaning the portion of the money spent by visitors on local goods and services that is in turn spent locally by employers and employees. |
| Producers | businesses that use resources to develop products and services and provide them to consumers. |
| Demand | the relationship between the quantity of a product that consumers are willing and able to purchase and the price. |
| Supply | the relationship between the quantity of a product that producers are will and able to provide at the price. |
| Law of Demand | when the price goes up demand goes down, and when the price goes down, the demand goes up. |
| Law of Supply | when the price goes up the supply goes up, and when the price goes down, the supply produced goes down. |
| Scarcity | created by the difference between our limited resources (money) and our unlimited needs and wants. |
| Equilibrium | the point where the supply and demand curves intersect. |
| Shortage | occurs when demand is greater than supply. |
| Surplus | occurs when supply is greater than demand. |
| Free Enterprise | an economic system that allows the interaction of supply and demand to drive the economy. |
| Price | focuses on factors that are not related to what the product sells for. |
| Non-Price | focuses on the selling price of a product or service. |
| Productivity | the output per worker per hour. |
| Inflation | occurs when prices rise faster than consumers income. |
| Business Cycle | known as the economic cycle, the ups and downs of the economy |
| Recession | a period of economic slowdown. |
| Depression | a period of prolonged and deep recession. |
| Competition | the rivalry between 2 or more business for customer dollars. |
