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Almost like a measurement of a economic variables reaction to a change in another variable; example could be a producer changing their demand of a product because of price changes

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Refers to the amount charged in percentages by a lender to a borrower for the use any particular needs at that time

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When the basic prices of goods and services begin to rise and the purchasing value of money begins to drop

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A state of complete economic balance between markets, prices, goods, and more

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Located in Manhattan; Home of the New York Stock Exchange and a visual historic figure of the largest brokerages and investment banks in U.S. history

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Organization of workers who decided to come together to work hard toward achieving the goals of receiving better wages, times and organization

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A financial business in which they are licensed to make loans and receive things like deposits

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Typically a business or organization that is solely owned and ran by its owners; all members included share the benefits and profits

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Organizations that use the money and services they collect from donors, volunteers, and others to lead their organization; leaders or organization starters typically do not spread money among each other but money among the organization

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A group of people, organization, or business in which are expected to move in one unit at all times and legally expected to do so

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Refers to a relationship where more than 1 person agrees to create a mutual connection with another person for some type of advancement

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Unicorporated business that is owned and controlled by one single person; includes very little government invasion

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The central banking system in the USA

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A severe downturn that effects an entire region for a long period of time and can last several years; can be because of money, jobs, scarcity in other areas, and more

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Displays the downward and upward movement of gross domestic product

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Almost like depression, It is a significant decline in economic activity expect It only lasts for a few months; can happen with employment, production, or things of that nature

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Actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates

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The use of government revenue collection to influence the economy

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A measurement of the weighted prices of good and services a consumer has received

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Refers to the total value of goods produced and services provided in a country during one year

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Refers to a market that has competitors who are selling the same products

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Refers to industries who sell similar product but are not perfect substitutes for each others products

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In contrast with monopoly; Refers to when a few companies have significant influence over an industry

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Includes one single supplier selling and producing any particular good to others

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The value of the choice between personal output and personal benefit

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Alongside of supply; directly refers to how much a buyer desires of a particular good or service

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Alongside of demand; directly refers the quantity of a product that a market has to offer

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Operates in a way where the main intention is to find personal financial gain as a form of an incentive by interacting in some way with the economic activity

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Striving to win or gain some sort of incintinve by defeating another person or group of people

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A basic visual demonstration that displays economic relationships; also shows the flow of goods, services, money, and more; typically includes households, businesses, factors, and products

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Includes small businesses and entrepreneurs in competition when it comes to production; little to no state control which allows freedom

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Truly a mixture in one economy; the public and private sector both determine the production, investments, and more; somewhat a mix of command economy and market economy

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In contrast with command economy; all prices; production; and more are determined by the theory of supply and demand; typically has little government intervention

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Usually occurs in less-developed countries; All forms of production as well as prices, income, and more are all determined by the government or dictator

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The most common and basic economic issue; a shortage or lack of certain supply

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A factor of production; Organized individuals who typically take risk when it deals with factor of production

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A factor of production; goods used in the supply of other products such as paper, furniture, and more

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Usually in small or rural areas; Typically are farm based and participate in hunting, fishing, and more; base production on traditions and beliefs

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A factor of production; this includes all human activity that contributes to the production process

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A factor of production; Includes all the natural resources available for use and production