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AIB VOCABULARY QUIZ #1

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1.
10 points
The phase of the business cycle in which unemployment begins to decrease, demands for goods and services increases, and gross domestic product (GDP) begins to rise.
2.
10 points
The peak of the business cycle, it is a period in which most people who want to work are working, businesses produce goods and services in record numbers, wages are good, and the rate of gross domestic (GDP) growth increases.
3.
10 points
The time from your birth to your death.
4.
10 points
Things that add comfort and pleasure to your life.
5.
10 points
The private ownership of economic resources by individuals rather than by the government.
6.
10 points
A person who buys and uses goods and services.
7.
10 points
The phase of the business cycle in which demands begins to decrease, businesses lower production, unemployment begins to rise, and gross domestic product (GDP) growth slows for two or more quarters of the calendar year.
8.
10 points
Things that are required in order to live.
9.
10 points
Activities provided for the satisfaction of others that are consumed at the same time they are produced.
10.
10 points
The value of the next-best alternative that you were not able to choose.
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