Economics review

4. The price marked by equilibrium point on supply and demand graph.
5. unlimited wants but limited resources
8. the turnaround point where real GDP stops going down
9. point in business cycle where the economy returns to the previous peak
10. period where real GDP declines for at least two quarters in a row or six months
13. the point where real GDP stops going up
15. time period after the economy reaches recovery where real GDP is continuing to grow
19. A business owned by stockholders who share in its profits but are not personally responsible for its debts
20. The factories and machines used to make goods
21. Business owned by one person

1. A situation in which quantity demanded is greater than quantity supplied. Below the equilibrium point.
2. an item that buyers give to sellers when they want to purchase goods and services
3. official money used by the government
6. a business owned by two or more people. All partners are responsible for management and financial obligations.
7. A situation in which quantity supplied is greater than quantity demanded. Above the equilibrium point
11. the cost of the next best alternative
12. the mental and physical capacity of workers to produce goods and services
14. when GDP begins to go back up when after the economy has hit the trough
16. when real GDP begins to go down
17. a period of recovery from a recession
18. alternative cost