2. | An exhaustive list of inputs required for any type of production |
3. | GDP measured at constant (some base period) prices. |
5. | The study of choices we make among our many wants and desires |
6. | An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services |
8. | Changes to the existing capital stock or business inventories |
9. | The raw materials and other factors of production that enter the production process or final goods and services that are desired by economic agents |
11. | a relationship between market price and quantities of goods and services purchased in a given period of time. Represents the behavior of buyers in the market place |
12. | A weighted average of the prices of a representative market basket of goods and services that represents consumption patterns in some base time period |
13. | A measure of the wear and tear that affects capital equipment or other intermediate goods. |
16. | A measure of those individuals in the labor force working, at least one hour per week, for pay. |
18. | A condition where there is no tendency for an economic variable to change |
20. | A pair of goods where the quantity demanded of one increases when the price of a related good decreases |
21. | The difference between income and expenditure in the current time period |
23. | GDP measured at current prices. |
25. | A decline in the aggregate price level over some defined time period. |
27. | An economic contraction (recession) followed by an expansion |
28. | Gross Domestic Product: The market value of all final goods and services produced in a given time period |
31. | Unemployment that exists as a natural consequence of market activity where individuals are in-between jobs |
32. | A physical or economic condition where the quantity desired of a good or service exceeds the availability of that good or service in the absence of a rationing system |