anything that is of value to humans

anything from nature that is of value to humans / materials found in nature that are used to create goods and services.

goods (money, large buildings, expensive machines, and infrastructure) used to produce other goods and services.

the number of people in a country and the skills they possess (workers)

a natural resource that can regenerate itself with proper management

a natural resource that will run out eventually

a resource that can be used to generate power

coal, oil, and natural gas

how something looks

people who must be trained over a long period of time

people who can be trained in a short period of time

the ability to start and manage a business

the basic systems that help an economy run such as roads, telecommunications, schools, and transportation networks

when a resource is gathered from nature such as farming, hunting, and fishing

when a resource is processed into something useful or manufactured into something

the service sector of the economy

harming the environment or causing pollution

a country with a high standard of living

a country with a low standard of living

a country / state that does not have an outlet to the ocean

integration of a national economy into an international economy through trade, foreign investment, and the spread of technology

when the components of an item are shipped to a central location and put together

the process of replacing human power with machine power

power generated by water

large farms owned by corporations

telephone, radio, television, cell phone, and internet networks

plants that are grown for export in exchange for money such as tobacco, sugar, and cotton

the total value of all of the goods and services produced within a country in a year

the theory that identical products and services in different countries should cost the same

when a natural resource is made into something useful. some examples are mills, refineries, and canneries.

clothing

Temporary immigrants who do not plan to, or not allowed to, settle permanently in their work place. Common in Europe and the Middle East during the 1990s.

shares of ownership in a company

occurs when the value of stocks falls quickly and deeply.

someone who sees a new opportunity for a product or service and launches a business to try to realize it.

value of what is given up when a choice is made.

goods purchased from other countries.

goods sold to other countries

the quality of human resources; workers.

the quality of goods used to produce other goods and services.

a government tax on imports

any government restriction on international trade.

measure of a nation's quality of life based on certain factors such as: literacy rate, education, income, and life expectancy.

An economic system in which the government controls what and how goods and services will be produced, distributed, and consumed.

how something is divided among a group of people

how an something is used.

how something is made

an economic system in which supply and demand determines what and how goods and services will be produced, distributed, and consumed.

The study of how people seek to satisfy their needs and wants by making choices

when workers, companies, or countries focus on particular tasks for which they are well-suited within the overall production process

A measurement of the total goods and services produced within a country.

People have unlimited wants but limited resources

a reason for doing something; something that stimulates action, if wrong can backfire.

the ability to produce a good at a lower opportunity cost than another producer

a theory or simplified representation that helps explain and predict economic behavior in the real world

simplified economic model that demonstrates the trade-offs between two goods, this can be applied to millions of goods being produced.

Who wanted what?

People and Choices

GDP measured in current prices and not adjusted for inflation

GDP adjusted for inflation

A continuous rise in the price of goods and services

A slowdown in a nation's economy (for either two quarters, or 6 months)

A period of low economic activity and rising unemployment (a long recession)

the portion of people in the labor force who are not working

the number of people who work part time because they cannot find full-time jobs

Inverses

nonworking people who are capable of working but have given up looking for a job due to the state of the job market

A type of unemployment caused by workers voluntarily changing jobs and by temporary layoffs; unemployed workers between jobs.

unemployment that occurs when workers' skills do not match the jobs that are available

The level of unemployment that prevails in an economy that is producing at a full employment level of output. Includes structural and frictional unemployment.

representative group of goods and services used to compile the consumer price index. Used to measure inflation.

the percentage change in the Market Basket (price index) from the preceding period

Alternating periods of economic expansion and economic recession

The first part of the Four parts of GDP

The second part of the four parts of GDP

The third part of the four parts of GDP

The fourth part of the four parts of GDP