| A | B |
|---|
| economics | body of knowledge that relates to producing and using goods and services |
| utility | the ability of a good or service to satisfy a want |
| producer | anyone who aids in a utility |
| factorsofproduction | four basic resources useful in creating goods and services |
| inflation | rapid rise in prices caused by an inadequate supply of goods and services |
| CPI | indicates what is generally happening with price in the country |
| competition | rivalry for consumer dollars |
| profit | incentive as well as reward for producing goods and services |
| privatization | a country or state transferring its authority to provide a good or service |
| businesscycle | pattern of irregular, but repeated contractions and expansions of GDP |
| economicgrowth | occurs when a country's output exceeds its population growth |
| privateproperty | items of value that individuals have a right to own |
| economicsystem | organized way for a country to decide how to use its productive resources |
| consumergoodsandservices | goods and services that directly satisfy economic wants |
| capitalformation | production of capital goods |
| capitalgoods | Buildings, tools, machines, and other equipments used to produce other goods but do not directly satisfy human wants |
| recession | A decline in the GDP that continues for six months or more |
| marketeconomy | An economic system that determines what, how, and for whom goods and services are produced by coordinating individual choices through arrangements that aid buying and selling goods and services |
| noneconomicwant | The desired wants that are not scarce |
| economicwant | The desire for scarce material goods and services |
| depression | A long and severe drop in the GDP |
| demand | The number of products that will be bought at a given time at a given price |
| socialism | An economic-political system in which the government controls and regulates the means of production |
| mixedeconomy | An economic system in which a combination of market and a command economy are blended together to make decisions about what, how, and for whom goods and services are produced |
| supply | The number of like products that will be offered for sale at a particular time and at a certain place |
| commandeconomy | An economic system in which the method for determining what, how, and for whom goods and services are produced is decided by a central planning authority |
| communism | Forced socialism where all or almost all the productive resources of a nation are owned by the government |
