Test Flashcards
What are needs?
Goods or services that are essential for life.
What are wants?
Things that people want and don’t need.
What are consumers?
A person who purchases goods or services for their own personal use.
What are producers?
A person, company, or country that makes, grows or supplies goods of commodities.
What is supply?
A quantity of goods and services that producers are willing to sell at a given price.
What is demand?
The quantity of goods and services that consumers are willing to buy at a given price.
What is the market?
A regular gathering of people for the purchase and sale of goods.
What is inflation?
Price rises
What is recession?
A downturn in an economy that follows two or more quarters of negative growth; usually less severe than a depression.
What is depression?
A period during which there is a significant slump in economic activity.
What are macroeconomics?
The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
What are micro economics?
The part of economics concerned with single factors and the effects of individual decisions.
What is primary industry?
Those businesses in which production is directly associated with natural resources
What are natural resources?
Materials or substances occurring in nature which can be exploited for economic gain.
What are capital resources?
Goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment.
