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Economic Processes
Game Code: 492519
English
26
Public
Vocabulary for Economic Processes Lesson
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Maureen Roman
19
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Increase in prices over a period of time
inflation
10
Place - virtual or actual - where producers and consumers exchange goods and services
market
15
level of industry that uses resources to make products
secondary
15
money earned by selling goods or services
profit
10
Revenue minus expenses equals?
profit
15
A business that concentrates on making just a few products
specialization
10
Provide an example of a specialized business
Answers will vary - Ritas, McDonald's, Philly Pretzel,etc.
15
Lack of jobs due to lack of demand for goods and services
unemployment
10
Struggle among producers for consumers' business
competition
15
Name a competitor of Weis grocery
Walmart ,Giant, Redners, Wegmans,etc.
15
most common item used to pay for a good or service
money
10
trading is also called...
barter(ing)
10
level of industry that provides services or distributes goods
tertiary industry
15
declilne in economic growth for 6 or more months
recession
15
level of industry with focus on information and research
quaternary
15
ways to persuade consumers to buy a good
advertising
10
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