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The Language of Economics

Mrs. Miller

Terms from Chapter 20

1           2       3 4
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17       18         19      
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1.a serious economic ailment where a sharp decline in production causes a sharp increase in unemployment
5.materials provided by nature; one of the 4 factors of production
8.the type of economy where things are done the way they have always been done.
10.all the workers in an economic system; one of the 4 factors of production
12.economic data that reveals how the economy is performing
14.making goods and services
16.an economic ailment where a slowdown in business activity causes a rise in unemployment
18.non-tangible goods
20.the period when economic conditions start to improve
21.the value in dollars of al lthe goods and services produced in a year
22.type of economic system also known as a free enterprise system
2.the kindsof goods and services that consumers want, need and can afford
3.the study of the ways in which the people of a society make a living
4.money left after taxes that can be spent
6.people who start up new businesses and assume the risk
7.and economic system where the government makes all the major decisions
9.the goods and services people are willing to buy
11.things that satisfy our needs and wants
13.an economic ailment where the money supply increases faster than production, causing prices to rise higher than wages
15.person who buys and uses goods and services
17.term that means there are not enough goods and services for everyone
18.the amount of a product a porducer makes available the market
19.the money needed to produce goods and services; one of the 4 factors of production

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