Career Chapter 14
Terms
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- Goods
- products that can be made
- Businesses in our country are manufactoring less and less. This means we are moving toward.................
- a service-producing economy
- inflation
- a rise caused by increased demand or low supply
- During a strike all the workers......................
- stop working, leave their jobs, try to get their working conditions and/or pay improved
- Free enterprise system
- an economic system in which individuals and private businesses are free to organize and operate with little interference from the government
- Another name for the free enterprise system is............
- capitalism
- Services
- doing something that helps someone else
- What happens during deflation?
- Prices drop
- Income
- spendable money
- according to the law of supply and demand, when the supply of goods and services goes up, prices...........
- go down
- Economic system
- a group of people producing, selling, and using goods and services
- Our economy is based on the production of.............
- goods and services
- Profit
- the money left after a business has paid all its expenses
- A boon is a time in which..............
- consumers have lots of money to spend and production is high
- Depression
- a low period in the economy when production is down
- A labor union is a group of ..........
- workers in the same job or industry
- Standard of living
- an indication of what items consumers can buy and how much those items cost
- entrepreneurs
- people who work for themselves; they start and own businesses and create jobs for other people
- The main goal of every business is to............
- earn a profit