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OTB CH 1

TermDefinition
Economic Decision Making Process of choosing which wants, among several options will be satisfied
Producers Individuals and organizations that determine what products and services will be available for sale
Needs Things that are required in order to live
Economic Resources Means through which goods and services are produces
Scarcity Not having enough resources to satisfy every need
Consumer Person who buys and uses goods and servieces
Goods Things you can see and touch
Wants Things that add comfort and pleasure to your life (You can live without them)
Services activities that are consumed at the same time they are produced (something that is done for you)
Business Cycle The movement of an economy from on condition to another and back again
Gross Domestic Product The total value of all final goods and services in a country in one year
Budget Surplus Government spends less than it takes in
Depression A phase in the economic cycle marked by long periods of high unemployment, weak consumer sales, and business failure.
Bond Represents debt in an organzation
Personal Income Salaries and wages as well as investment income and government payment to individuals
Capitalism Private ownership of resources by individuals rather than by the government,
Traditional Economy A system in which goods and services are produced the way it has always been done.
Mixed Economy A system in which elements of a command and market economy is mixed
Demand Quantity of a good or service that consumers are willing and able to buy at a particular price.
Market Price The point where supply and demand are equal
Created by: Bella_Davenport
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