Profit | | Customers are willing to buy more at lower prices |
Demand | | Person who organizes economic resourses |
Market | | A group of related occupations that require similar skills |
NonRenewableResources | | Acting fairly toward customers, employees, and society as a whole |
Surplus | | Anything used to make or obtain needs or wants |
CareerCluster | | What you give up when you choose one thing over another |
Services | | Tasks that people or machines perform for money |
Capital | | Items produced with less negative impact on the environment |
EconomicIndicators | | Ecomony based on the actions of buyers and sellers |
Entrepreneur | | A very severe recession |
Recovery | | Amount of money given or asked when goods and services are exchanged |
EconomicSystem | | How well people are living in a particular country |
EqualibriumPrice | | Quantity of goods or services customers will buy at a given price |
FactorsOfProduction | | Any place where goods and services are bought and sold |
SocialResponsibility | | System where most economic resources are owned by individuals |
Private Enterprise | | All activities involved in producing and distributing goods and services |
Depression | | Period of economic growth |
Resource | | A drop in the business cycle |
Supply | | Resources that once used, are gone forever |
Shortage | | Point where amount supplied equals the amount demanded |
Aptitude | | Repeated rise and fall of economic activity |
MarketEconomy | | Revenue minus expenses |
Prosperity | | Things that come from the air, water, or earth |
Ability | | Natural, human, capital, and entrepreneurial resouces |
GreenProducts | | Not enough--An under supply |
Goods | | Contest to win customers |
Price | | Things we wish we could have |
OpportunityCost | | The highest point in the business cycle |
BusinessCycle | | Products that can be weighed or measured |
Inflation | | Money, machines, land, buildings |
LawofDemand | | Not enough to go around |
Motivation | | Resources that can be regenerated |
Labor | | At higher prices, producers are willing to make more |
Needs | | Human Resources |
LawofSupply | | Too much--An over supply |
Wants | | Quantity of goods or services businesses will provide at a given price |
Recession | | An activity an individual pereforms well |
NaturalResources | | A natural talent |
RenewableResources | | National rules for distributing good and services to satisfy the wants of citizens |
StandardOfLiving | | A general rise in prices over time |
Competition | | Inflation rate, unemployment rate, GDP |
Scarcity | | Reason or incentive to do something |
Business | | Things we must have to survive |