constancy – a quality that money should possess which shows its stability in value
Production Possibilities Graph – A graph that shows alternative ways to use an economy's resources
Structural Unemployment – Unemployment that is caused by changes in technology, government policies, long term consumer demand for certain products, population trends, and other factors unrelated to the business cycle.
Resources – The land, labour, capital and enterprise used to produce goods and services
HDI – human development index. life expectancy at birth; adult literacy rate and the combined primary, secondary and tertiary school enrollment ratio; GNI per capita
industry – A group of businesses that produce and provide a particular product or service, sometimes using machines and factories for production.
Refer to Figure 6-6 As price falls from PA to PB, the quantity demanded increases most along D1; therefore,
economy – A system for producing and distributing goods and services
Corporation – A legal entity owned by individual stockholders.
Interdependence – Being mutually reliant on one another
tradeoff – exchanging one thing for another
Voluntary Export Restraints – When a foreign producer limits the amount of a good exported to another country, often as a result of political pressure from the importing country.
Money – An acceptable medium of exchange. A store of value
Refer tо Figure 6-6 As price fаlls frоm PA tо PB, the quаntity demаnded increases most along D1; therefore,
commodoities – raw material that can be bought or sold