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Total money owed
Debt
An entity either a person or firm which supplies goods or services
Producer
A type of government support for the citizen
Welfare
The usefulness of  goods or services in satisfying a need or a want
Utility
Under utilization of any factor of production most commonly referred to as labour.
Unemployment
A business that two or more individuals own and operate together
Partnership
A sector of economy in which different firms produce similar or identitical goods or services
Industry
The point at which qualuty demanded and quantity demanded are equal and both consumer amd and producer are satisfied
Equilibrium
Economic policy which emphasize consumption
Consumerism
Money available after one pays taxes and obligatory bill payments.
Disposible income
A decrease in the general price level of goods and services
Deflation
Goods that are bought and used together.
Complementary goods
A durable good that is used in the production of goods amd services.
Capital goods
A system of exchnage of goods and services for other goods and services without using meduim of exchange.
Barter
A financial institution thag accepts deposits from public and creates credit.
Bank
The difference between the monetary value of nations exports and emports over a certain period.
Balance of trade
The total supply of goods and services in an economy
Agregate supply
What affects prices in a country?
Inflation
GDP is made up of two components. What are they?
Goods and services
What does GDP stand for?
GROSS Domestic Product
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