c


V
 

A period of general economic decline; typically defined as a decline in GDP for two or more
consecutive quarters. A recession is typically accompanied by a drop in the stock market, an increase
in unemployment, and a decline in the housing market. A recession is generally considered less
severe than a depression, and if a recession continues long enough it is often then classified as a
depression. There is no one obvious cause of a recession, although over all blame generally falls on
the federal leadership, often either the President himself, the head of the Federal Reserve, or the
entire administration.

V  
V
 

The amount of a particular economic good or service that a consumer or group of consumers will
want to purchase at a given price. The demand curve is usually downward sloping, since consumers
will want to buy more as price decreases. Demand for a good or service is determined by many
different factors other than price, such as the price of substitute good sand complementary goods. In
extreme cases, demand may be completely unrelated to price, or nearly infinite at a given price.
Along with supply, demand is one of the two key determinants of the market price.

a


V
 

The total amount of a good or service available for purchase; along with demand, one of the two key
determinants of price.

3


V
 

To have a product shipped into a country or region. opposite of export.



x


V
 p

To ship a product outside a country or region. opposite of import.

¦ 

V
 

An individual who buys products or services for personal use and not for manufacture or resale. A
consumer is someone who can make the decision whether or not to purchase an item at the store,
and someone who can be influenced by marketing and advertisements. Any time someone goes to a
store and purchases a toy, shirt, beverage, or anything else, they are making that decision as a
consumer. 
3
V
 

The overall general upward price movement of goods and services in an economy(often caused by a
increase in the supply of money), usually as measured by the Consumer Price Index and the
Producer Price Index. Over time, as the cost of goods and services increase, the value of a dollar is
going to fall because a person won't be able to purchase as much with that Rupees as he/she
previously could. While the annual rate of inflation has fluctuated greatly over the last half century,
ranging from nearly zero inflation to 23% inflation, the Fed actively tries to maintain a specific rate of
inflation, which is usually 2-3% but can vary depending on circumstances. Opposite of deflation.




V
 

The end result of the manufacturing process, to be offered to the market place to satisfy a need or
want.



c 


V
 

A person, asset, material, or capital which can be used to accomplish a goal.






V
 

The study of the behavior an economy at the aggregate level, as opposed to the level of a specific
subgroups or individuals(which is called microeconomics). For example, a macroeconomist might
consider the industrial sector, the services sector or the farm sector, but he/she will not consider
specific parts of any of these sectors. Factors studies include inflation, unemployment, and industrial
production, often with the aim of studying the effect of government policy on these factors.






V
 

The study of the behavior of small economic units, such as that of individual consumers or
households. Opposite of macroeconomics.


 
V
 

A public place where buyers and sellers make transactions, directly or via intermediaries. Also some
times means the stock market.
  


V


To make a good with tools and/or machines by effecting chemical, mechanical, or

physical transformation of materials, substances, or components, or by simulating natural processes,
usually repeatedly and on a large scale with a division of labor. Manufactured items often are, or are
made out to be, different from other similar goods in one or more aspects, and
are sold commonly under a particular brand name. See also produce.


 
V


Commercial transaction involving the sale and purchase of a good, service, or information.

 
V


Compulsory monetary contribution to the state's revenue, assessed and imposed by

a government on the activities, enjoyment, expenditure, income, occupation, privilege, property,
etc., of individuals and organizations.

a

 
V


1. Extent to which generation of goods, services, and

resources (such as capital) exceeds their consumption. Surplus of resources is the
bedrock on which capitalism is built.
2. Goods that are in excess of the requirement and cannot be returned to the vendor for credit, but
are useful for some purpose.
3. Remainder of an appropriation account after all expenditure.
4. Unusual situation in a government budget where revenue exceeds expenditure.
5. Alternative term for capital surplus.
6. Alternative term for retained earnings.