PBF Unit 1 Terms
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| Combines elements of the command and market economies | Mixed Economy
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| The initiative to combine natural, human, and capital resources | Entrepreneurial Resources
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| Value of the next-best alternative that is forgone to produce or obtain another product | Opportunity Cost
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| Businesses that offer the same goods to the same customers | Competitors
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| Individuals and organizations that determine which goods and services to sell | Producers
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| Process of choosing which needs or wants will be satisfied | Economic Decision-making
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| Means from which goods and services are produced | Economic Resources
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| Right to purchase, use, and discard things of value | Private Property
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| Activities that can be used at the time of purchase to satisfy needs and wants | Services
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| Condition that exists when wants or needs exceed resources available | Scarcity
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| Study of the decisions made for production, distribution, and consumption of goods and services | Economics
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| Required necessities | Needs
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| Buys and uses goods and services | Consumer
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| Goods and money used in the production of goods and services | Capital Resources
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| Raw materials supplied by nature | Natural Resources
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| People using efforts, knowledge, and skills at work to produce goods and services | Human Resources
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| Economic system in which freedom to consume and produce goods and services exists | Free Enterprise
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| Economic system is based upon customs and centered around family | Traditional Economy
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| Items purchased to satisfy needs and wants | Goods
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| Money left after selling goods and services and taking off the costs of operating a business | Profit
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| Goods that are purchased to to add comfort or pleasure. | Wants
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| Anywhere goods or services exchange hands | Marketplace
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| Process of giving up something for gaining something else | Tradeoff
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| Goods and sevices are owned and controlled by the people | Market Economy
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| Opportunity to make choices of goods and services and accept consequences of decisions | Freedom of Choice
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| Economics system in which the government owns resources and dictates what is produced | Command Economy
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| The point where supply and demand are equal | Market Price
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| An approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country. | GDP Per Capita
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| The amount of output per unit of input (labor, equipment, and capital). | Productivity
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| An individual's total earnings from wages, passive enterprises, and investment interest and dividends. | Personal Income
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| A monthly report that measures consumer demand by tracking total non-service receipts from retail businesses. | Retail Sales
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| A project initiated by a business that requires the investment of a large amount of capital. | Capital Projects
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| An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. | Stock
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| A period during which business activity drops significantly. High unemployment rates and deflation often accompany a depression | Depression
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| A debt instrument issued for a period of more than one year with the purpose of raising capital by borrowing. | Bond
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| A decline in general price levels, often caused by a reduction in the supply of money or credit. | Deflation
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| A predictable long-term pattern of alternating periods of economic growth (recovery) and decline (recession). | Business Cycle
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| A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters | Recession
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| A period in a business cycle following a recession, during which the GDP rises. | Recovery
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| The overall general upward price movement of goods and services in an economy (often caused by an increase in the supply of money). | Inflation
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