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