Business

3. the willingness and ability of a consumer to buy goods and services at a specific price
12. people or business that buy goods or services
13. a period between a peak and a trough in the business cycle where there is a significant decline in economic activity spread across the economy that can last from a few months to more than a year
14. general increase in the price of goods and services over a period of time
16. an item necessary for survival
17. system an economic system where two forces, known as supply and demand, direct the production of goods and services
18. a product or service that consumers see as essentially the same or similar-enough to another product
19. a person who uses goods or services
20. an item that can be seen or touched
21. a sustained period of significant economic decline that sees a nation's GDP drop, unemployment rates rise and consumer confidence suffer
22. one in which a centralized government controls the means of production and determines output levels
23. people that work to produce and services in a business
24. cannot be perceived by touch
25. the total amount of a specific good or service that is available to consumers

1. when there is a drastic change in market activity
2. means through which goods and services are made available to consumers
4. one that combines aspects of both capitalism and socialism
5. the state in which market supply and demand balance each other, and as a result prices become stable
6. equipment, building, money that is used to produce goods and services
7. an item which can be seen or touched but is not necessary for survival
8. an item not necessary for survival but that adds pleasure and comfort to life
9. products that are typically used together
10. those in which customs and traditions are more important than money
11. an item that can be seen or touched and is essential for survival
15. those raw materials that we get from earth