Economics

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created 4 years ago by howardk
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Key Terms for Economics
updated 4 years ago by howardk
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1

Scarcity

The lack of resources which states there are unlimited needs and wants with limited resources

2

Entrepreneurship

The process of recognizing business opportunity, testing it in the market, and gathering the resources necessary to start and run a business

3

Entrepreneur

Individual who undertakes the creation, organization, and ownership of a business

4

Demand

The amount of quantity of goods and services that consumers are willing to buy at various price points

5

Price

The amount of money given or asked for when goods and service are bought or sold

    • Determined through the interaction of supply and demand
6

Supply

Producers supply more at a higher price because selling a higher quantity at a higher price increase the revenue

7

Equilibrium Price

The point at which the quantity demanded and the quantity supplied meet

8

Inflation Rate

This indicator measures how rapidly the overall price level is changing in the US Economy

9

GDP

(Gross Domestic Product) This indicator measures the dollar value of all final goods and services produced within a country’s borders in a given year

10

Inflation

Sustained increase in the average price level of goods and services