What affects prices in a country?
Inflation
The point at which qualuty demanded and quantity demanded are equal and both consumer amd and producer are satisfied
Equilibrium
A system of exchnage of goods and services for other goods and services without using meduim of exchange.
Barter
Money available after one pays taxes and obligatory bill payments.
Disposible income
The total supply of goods and services in an economy
Agregate supply
A type of government support for the citizen
Welfare
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
Under utilization of any factor of production most commonly referred to labour. If
Unemployment
The usefulness of a good or service in satisfying a need or a want
Utility
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
Total money owned
Debt
An entity either a person or firm which suppkies goods or services
Producer
A financial institution thag accepts deposits from public and creates credit.
Bank
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 difference between the monetary value of nations exports and emports over a certain period.
Balance of trade
Economic policy which emphasize consumption
Consumerism
What does GDP stand for?
GROSS Domestic Product