Productivity
The production output in relation to a unit of input.
Deflation
A decrease in the general level of prices.
Embargo
Completely prohibiting the import or export of a product.
Consumers
Those who buy and use goods and services.
Tariff
A tax that a government places on certain imported products.
Quota
A limit placed on the quantity of a product that may be imported or exported.
Producers
Those who determine which products and services will be available for sale.
Conservation
Saving scarce resources.
Inflation
An increase in the general level of prices.
Price index
A number that compares prices in one year with some earlier base year.
Non-renewable resource
A natural resource that cannot be replaced when used up.
Services
Things that are intangible and have no physical characteristics.
Trade deficit
Occurs when a country buys more than it sells.
Intrastate commerce
Business dealings involving companies that do business in only one state.
Needs
Things that are required in order to live.
Pollution
Occurs when the environment is tainted with the by-products of human actions.
Interstate commerce
Business dealings involving companies in more than one state.
Goods
Things that you can see and touch.
Trade surplus
Occurs when a country sells more than it buys.
Personal income
Salaries and wages as well as investment income and government payments to individuals.