About
Budget: An estimation of revenues and expenses over a specified period of time.
Surplus: When revenues exceed expenses over s specified period of time.
Deficit: When expenses exceed revenues over a specified period of time.
Depression, Recession, Recovery:
Depression: A long term, severe, economic downturn.
Recession: Significant decline in economic activity lasting for several months
Recovery: Follows a Recession, economy economic activity returns to levels prior to Recession
Inflation: A general increase in prices and decrease in the purchasing power of money.
Deflation: A general decrease in prices caused by a decrease in the supply of money.
Markets: Any structure that allows buyers and sellers to exchange any type of goods, services or information for money.
Example Video
Supply & Demand: Supply- Quantity of a resource available, Demand- How great the need for the resource= Value.
Trade: The transferring of goods in exchange for something of value. Ex. Money