Economic Decisions

4. - defined as a sustained period of weak or negative growth in real GDP (output)
6. - that can be quantified in terms of money generated, such as net income, revenues, etc.
7. - a demand for a good or service that is greater than the availability of the good or service
9. - a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers
11. economics - branch of economics that seeks to evaluate economic policies in terms of their effects on the well-being of the community
12. - in business usage, the excess of total revenue over total cost during a specific period of time
13. spending - purchases are expenditures on goods and services by federal, state, and local governments
15. - the use of goods and services by households

1. - implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency
2. - consumers' desire to purchase goods and services at given prices
3. - anything that motivates a person to do something
5. - an asset or item acquired with the goal of generating income or appreciation
8. - the monetary value of goods and services that producers and consumers purchase
10. - the process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output)
14. Decisions - involve production, distribution, exchange, consumption, saving, and investment of economic resources