Myers - Economics

1. when the quantity supplied is greater than the quantity demanded
3. A rise in business activity after a recession or depression
5. is the slow of economic activity (usually 2 quarters in a row)
9. economic system in which economic decisions are made in the marketplace
10. an index of the prices of a "market basket" of goods and services purchased by typical urban consumers.
12. the study of how a society uses scarce resources to produce and distribute goods and services.
14. measures the number of people who are able and willing to work but cannot find work during a given period.
15. price the point at which the quantity demanded and the quantity supplied meet
17. all the economic resources necessary to produce a society's goods and services
20. raw materials from nature that are used to produce goods
24. an organization that strives for a profit by providing goods and services desired by its customers.
25. the sum of goods and services sold to businesses, consumers, the government, and other countries used in one year.
29. is a peak of economic activity.

2. measures the prices paid by producers and wholesalers for various commodities, such as raw materials, partially finished goods, and finished products
4. the quantity of a good or service that people are willing to buy at various prices
6. the level of material comfort as measured by the goods and services that are available.
7. used by the people who recognize opportunities and start businesses
8. an organization that exists to achieve some goal other than profit.
11. the combination of policies, laws, and choices made by its government to establish the systems that determine what goods and services are produced and how they are allocated.
13. a general increase in the price of goods and services.
16. economic system in which the basic industries are owned by the government or by the private sector under strong government control.
18. the quantity of a good or service that businesses will make available at various prices
19. the loss of potential gain from other alternatives when one alternative is chosen
21. economic system in which a central authority makes the key economic decisions.
22. when the quantity demanded is greater than the quantity supplied
23. an economy that contains both private and public enterprises
26. any situation where making one choice means losing something else.
27. people who make the goods and services for which they are paid
28. synthetic resources businesses need to produce goods or services