intro to business

5. Expenses incurred from creating and selling goods and services.
6. curve A graph showing the quantity of a good or service that people are willing to buy at various prices.
9. The condition that occurs when the federal government spends more for programs than it collects in taxes.
13. growth An increase in a nation’s output of goods and services.
15. Inflation that occurs when the demand for goods and services is greater than the supply.
16. The accumulated total of all of the federal government’s annual budget deficits.
17. An economic system based on competition in the marketplace and private ownership of the factors of production (resources); also known as the private enterprise system.
18. The quantity of a good or service that people are willing to buy at various prices.
19. People who combine the inputs of natural resources, labor, and capital to produce goods or services with the intention of making a profit or accomplishing a not-for-profit goal.
20. The combination of policies, laws, and choices made by a nation’s government to establish the systems that determine what goods and services are produced and how they are allocated.

1. The resources used to create goods and services.
2. The point at which quantity demanded equals quantity supplied.
3. An organization that strives for a profit by providing goods and services desired by its customers.
4. Upward and downward changes in the level of economic activity.
7. Economies that combine several economic systems; for example, an economy where the government owns certain industries but others are owned by the private sector.
8. The total market value of all final goods and services produced within a nation’s borders each year.
10. The situation in which the average of all prices of goods and services is rising.
11. Tangible items manufactured by businesses.
12. The inputs, such as tools, machinery, equipment, and buildings, used to produce goods and services and get them to the customer.
14. price index An index of the prices of a “market basket” of goods and services purchased by typical urban consumers.