Economic Forecasting: An Internet WebQuest
Glossary terms from:
Any activity or organization that produces or exchanges goods or services for a profit.
A conclusion reached after considering alternatives and their results.
Reaching a conclusion after considering alternatives and their results.
The study of how people, firms and societies choose to allocate scarce resources with alternative uses.
A rise in the general or average price level of all the goods and services produced in an economy. Can be caused by pressure from the demand side of the market (demand-pull inflation) or pressure from the supply side of the market (cost-push inflation).
Leading Economic Indicators
Economic variables such as unemployment claims, manufacturers' new orders, stock prices, and new plant and equipment orders that tend to change before real output changes.
Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
A good or service that can be used to satisfy a want.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
The number of people without jobs who are actively seeking work.
The number of unemployed people, expressed as a percentage of the labor force.