| A | B |
|---|
| business cycle | cyclical movement of the economy from one phase to another |
| capitalism | economic resources are privately owned by individuals |
| competition | rivalry among businesses to sell |
| wants | things that are not necessary for survial, but add comfort and pleasure |
| market economy | buying of goods and services by consumers in the marketplace |
| scarcity | basic economic problem of limited resources |
| GDP | gross domestic product |
| needs | things that are necssary for our survival |
| productivity | measurement of the number of items produced per worker |
| inflation | sustained increase in the general level of prices |
| deflation | sustained decrease in the general level of prices |
| business cycle | movement from one condition to another and back again |
| recession | economy begins to decrease |
| depression | prolonged period of unemployment |
