The amount. of money left over after a business has paid for the cost of producing its goods & services
The amount of a good or service that consumers are able and willing to buy at various possible prices during a specified time period.
gross domestic product (GDP)
Total dollar value of all final goods and services produced in a country during a single year
Economic system in which businesses and individuals are free to make their own decisions as they buy and sell in the marketplace.
The condition that results from society not having enough resources to produce all the things people would like to have
The amount of a good or service that businesses are able and willing to sell at various prices during a specified time period.
economic system where private individuals own and control means of production with very little government interference
Raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods.
economic decision making
The process of choosing which wants, among several options, will be satisfied.
A period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of GDP growth increases
A period in which demand begins to decrease, businesses lower production, unemployment begins to rise, and GDP growth slows.
An economic downturn marked by decreasing business activity, rising unemployment, and falling prices and wages.
The phase in which unemployment begins to decrease, demand for goods and services increases, and GDP begins to rise again
standard of living
A measure of quality of life based on the amounts and kinds of goods and services a person can buy