Global Business - Basics of Economics

An increase in the average prices of goods and services in a country.

Relationship between the amount of a resource that is available and the price

The third step in the decision making process is

The price of silicon used to make computer chips increases is what type of inflation?

The point at which supply and demand cross.

The government prints more money to pay its expenses is what type of inflation?

The most attractive alternative given up when a choice is made.

The limited resources available to satisfy the unlimited needs and wants of people.

Labor unions make employers increase workers' pay is what type of inflation

Consumers borrow more to buy additional goods and services is what type of inflation?

A buyer's willingness and ability to pay a price for a specific quantity of a good or service

The study of how people choose to use limited resources to satisfy their unlimited needs/wants.