DECA I Week 4 Terms

The percent of the labor force that does not have a job, but is looking for one.

The total value of all goods and services produced in a country.

How much GDP there is for each person in the country.

If prices fall, demand will rise...

A measurement of the economy

Good economic times.

When prices are high, supply will rise

The quantity of a product that a buyer is willing to buy at a certain price.

The drive to earn more profit.

The willingness and ability to start a new business.

The contest to get more customers.

Individuals answer the question of what to produce, how to produce it, & who gets the product.

The average change in prices for goods purchased for households from one period to the next

The sum of all individuals suppliers supplies for a certain product & time period.

The economy slows down and people are not buying goods.

How much the average person in a country has.

The sum of all individual demands for a specific product and time period.

The general rise in prices in the economy

The amount of output per worker hour.

The quantity of a product that a supplier is willing to supply at a certain price.