Goods - tangible items for purchase. (ex. a pair of shoes)

Services - the action of helping or doing work for someone. (ex. a carwash)

Wants - things not necessary for survival; luxuries. (ex. new clothes for each season)

Needs - things necessary for survival (ex. food, shelter, water)

Economic Resources

     Land - natural resources used to create items (trees used to make paper)

     Labor - people who work (ex. teachers, construction workers, managers)

     Capital - items the help a company run (ex. tables, chairs, computers)

     Entrepreneurship - the ability to create and manage companies (ex. business owner)

Economic Utility 

     Form - all things used to create a final product (ex. handle bars, tires, seat, etc make a bike)

     Place - where a company is located (ex. Cracker Barrel by highways)

     Time - when company is open (ex. Wild Eggs is only open for breakfast and lunch)

     Possession - how you purchase products (ex. cash, check, credit card, PayPal)

     Information - how companies get their name out to customers (ex. advertising, social media)

Supply - how much of a product is available

Demand - how many people want a specific product

Elasticity 

     Elastic - potential for substitutes of product (ex. steak) 

     Inelastic - no substitute for item (ex. gas)

Equilibrium - when supply meets demand

Capitalism - all trade and industry are controlled by private owners for profit. 

Socialism - the means of exchange should be owned by the community as a whole.

Communism - all property is publicly owned and each person is paid according to their abilities and needs.

Regulatory Groups 

     FDA - Food & Drug Administration

     FTC - Federal Trade Commission

     OSHA - Occupational Safety and Health Administration

     EPA - Environmental Protection Agency

     EEOC - Equal Employment Opportunity Commission

     SEC - Securities and Exchange Commission

GDP - (Gross Domestic Product) value of all the goods & services produced within a country's borders in a specific time.

Inflation - a sustained increase in the general price level of goods and services in an economy over a period of time.

Profit - Sales minus Expenses

Competition 

     Direct - companies that sell the same type of product in the same market (ex. Papa Johns & Pizza Hut) 

     Indirect - companies that sell similar products but are not in the same market (ex. Bath & Body Works  &             CVS

     Price Competition - two similar products are judged by consumers on their pricing (buy Coke if cheaper             than Pepsi)

     Non Price Competition - based on quality, customer service, etc.

Monopoly - one company owns all of the market. 

Oligopoly - a select group of companies own all of the market (DirecTV, Time Warner, Dish)

Imports - products that come in from other countries

Exports - products that are shipped to other countries 

Trade Barriers

     Tariff -  A tax on imports; also known as a duty

     Embargo - A total ban on specific goods coming into and leaving a country

     Quota - A limit on either the quantity or monetary value of a product that may be imported

Business Cycle 

     Recession - A period of economic slowdown that lasts for two quarters, or six months

     Depression - A period of prolonged recession

     Recovery - A period of renewed economic growth followed by a recession or depression

     Peak - The highest point between the end of an economic expansion and the start of a contraction in a             business cycle