Social Studies: Supply and Demand - Flashcards
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A major goal of an economic system is to achieve economic growth.
Additional Fact:
more products and services available than people can afford​



​when the need is greater than the amount

surplus​



shortage​

the desire and ability to pay for goods and services​



​demand

​when the supply and demand are equal and their curve lines intersect


​the amount of goods and services available to be sold



equilibrium​


​supply

a rise in the price of goods and services​


inflation​



​a decrease in the price of goods and services

​the total amount of goods and services produced within a country over a specified period of time


deflation​




​Gross Domestic Product
(GDP)
​the total amount of goods and services produced by a nation over a specified period of time




​Gross National Product 
(GNP)
​the measure of change in prices of goods and services that an average consumer would purchase


​a person who purchases goods and services for personal use




​Consumer Price Index
(CPI)


​consumer
​the personal demand of consumption of goods and services




consumer spending
​the ratio of output per unit of input in production 


a financial market where stock is bought or sold through exchange​




​productivity

stock market​

a piece of ownership of a corporation's capital


stock​

​a business that sells goods to a consumer


​a business that buys large quantities of goods and resells them to retailers to be sold to consumers




​retailer

​wholesalers

a business that produces or makes goods to be sold to consumers



​manufacturers
​distributing a limited amount of something



​rationing

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Social Studies:  Supply and Demand - Flashcards