What does GDP stand for?
GROSS Domestic Product
What affects prices in a country?
Inflation
The total supply of goods and services in an economy
Agregate supply
The difference between the monetary value of nations exports and emports over a certain period.
Balance of trade
A financial institution thag accepts deposits from public and creates credit.
Bank
A system of exchnage of goods and services for other goods and services without using meduim of exchange.
Barter
A durable good that is used in the production of goods amd services.
Capital goods
Goods that are bought and used together.
Complementary goods
A decrease in the general price level of goods and services
Deflation
A situation where each additional or marginal unit of a good or service that is consumed bri gsess utility than the previous unit.
Diminishing marginal utility
Money available after one pays taxes and obligatory bill payments.
Disposible income
Economic policy which emphasize consumption
Consumerism
The point at which qualuty demanded and quantity demanded are equal and both consumer amd and producer are satisfied
Equilibrium
A sector of economy in which different firms produce similar or identitical goods or services
Industry
A business that two or more individuals own and operate together
Partnership
