| A | B |
|---|
| Your role in the economy consists of being a consumer and a ___. | wage earner |
| This group of consumers has the biggest influence over what businesses produce | teenagers |
| any commercial activity that seeks profit by providing goods and services in exchange for money | business |
| Items used to make or obtain wants and needs | resources |
| A __ is a thing you'd like to have but can live without | want |
| Tasks performed by business | services |
| Things necessary for you to survive | needs |
| A person who selects, purchases, uses, or disposes of a good or service is a | consumer |
| The contest between businesses to win customers | competition |
| Business' reward for satisfying the wants and needs of a consumer | profit |
| Highways, libraries, and schools are examples of this kind of want | public wants |
| a moderate command economy | socialism |
| a strong command economy | communism |
| In this type of economy, a central authority makes all the key economic decisions | comand economy |
| The private enterprise system is also known as | capitalism |
| In this economy, economic decisions are made in the marketplace according to the laws of supply and demand | market economy |
| When quantity demanded equals quantity supplied | equilibrium point |
| The amount of goods a consumer is willing and able to buy at various prices | demand |
| the amount of goods and services that producers will rpovide at various prices | supply |
| studies how society chooses to use resources to produce and distribute goods and services | economics |
| Things used to produce goods and services like buildings and equipments | capital resources |
| The knowledge, effort, and skills people bring to their work | human resources |
| Components necessary to produce a society's goods and services | factors of production |
| The shortage of resources | scarcity |
| This tyoe of inflation occurs when companies lay-off employees due to a downturn in the economy | cyclical |
| This tyoe of unemployment occurs when an elevated level of unemployment happens during certain parts of the year | seasonal |
| This type of unemployment occurs when a worker is unemployed while looking for a new job or in between jobs | frictional |
| This tyoe of unemployment results when there is a mismatch betweena worker's skills and the jobs available | structural |
| The government agency that regulates the interest rates and amount of money in circulation | The Federal Reserve |
| This helped change American society into a modern urban-industrialized state | The Industrial Revolution |
| This event was responsible for the recovery after The Great Depression | World War II |
| The average wage in the height of the depression | .05 per hour |
| During the worst years of the depression, 1 out of every 4 people were __. | unemployed |
| The Great Depression began on October 29, 1929 with this event | The stock market crash |
| This happens when government spending exceeds the revenue it takes in | budget deficit |
| The rise and fall of business activity over time | business cycle |
| Measures the number of people who are able and willing to work but cannot find a job | unemployment rate |
| The total amount of money a government owes | national debt |
| The total goods and services produced in a country in a given year | Gross Domestic Product (GDP) |
| The level of material comfort as measured byu the goods and services that are available | standard of living |
| A general increase in the price of goods and services over time | inflation |
| This time period saw the birth of the Industrial Revolution in the US | 1800's |
| This time period saw an increase in agriculture in the US | 1700's |
| This time period saw the rapid movement of information in the US | 1900's |
