Economics Final

5. The situation that occurs when a person or business is not able to pay back debts.
7. a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services
8. the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
9. a counting of the population
12. the change in demand when there is a change in another economic factor, such as price or income.
14. the ability of a party (an individual, or firm, or country) to produce a good or service more efficiently than its competitors.
15. when the price of a good or service goes up, consumers' buying habits stay about the same, and when the price goes down, consumers' buying habits also remain unchanged.
19. a graphical representation of income inequality or wealth inequality.
20. a measure of the average change over time in the prices paid by consumers for a representative basket of consumer goods and services.

1. an economy's inherent ability to produce a product or service at a lower opportunity cost than its trading partners.
2. How much the quantity supplied of a good responds to a change in the price of that good
3. a corporation of several different, sometimes unrelated, businesses
4. the change in demand for a good as a result of a change in the relative price of the good compared to that of other substitute goods.
6. Unemployment can be classified as frictional, cyclical, structural, or institutional.
10. short for gross domestic product.
11. the U.S. central bank, created by the Federal Reserve Act of 1913 to establish a monetary system that could respond effectively to stresses in the banking system
13. Economists define four factors of production: land, labor, capital and entrepreneurship
16. a low point between two high points, as on a graph or record of activity
17. the total value of all the final goods and services made by a nation's economy in a specific time (usually a year)
18. an online and mobile application platform to enable local governments and cities