Economics

The area of study that relates to producing and using goods and services that satisfy human wants

A measure of the average change in prices of consumer goods and services typically produced

Money remaining after you subtract the cost to produce from the income received

A market in which a single seller dominates

All the natural resources used to produce goods and services

A decline in the GDP that continues for six months or more

patterns of irregular but repeated expansion and contraction of the GDP

The quantity of output produced by a unit of labor

An economic system in which individual buying decisions in the marketplace decide how resources will be allocated

The actions or activities that one person performs for another

The area of study that relates to producing and using goods and services to satisfy human wants

Physical products defined by the ability to be touched

The dollar value of all final goods and services produced within a country's borders in a given year

The desire for scarce material goods and services

The number of products that will be bought at a given time at a specific price point

A situation in which a country's output exceeds its population growth

A measurement that shows how the average price of a standard group of goods changes over a period of time

The principle that limited amounts of goods and services are available to meet unlimited wants

A rise in prices caused by an inadequate supply of goods and services

An economic system that has aspects of a market and a command economy

A good that does not have a physical nature

The alternatives that we give up when we choose one course of action over another

Items of a value that individuals have the right to own, use, and sell

The most desirable alternative given up as a result of a decision

Those goods that last for a relatively long time

The number of like products that will be offered for sale at a given time and at a specific price point

The accumulated knowledge and skills of human beings

An organized way for a country to decide how to use its productive resources

The rivalry among sellers for consumer's dollars

A system in which all or almost all of the nation's factors of production are owned by the government

The percentage of a nation's labor force that is unemployed

The ability of a good or service to satisfy a want

The four basic resources that are combined to create useful goods and services

An unplanned decision to buy a product or service, made just before the purchase

Goods that are consumed by the people on a regular basis and thus bought regularly