Goods - Physical items (food, clothes, cars), Services - Activities provided by others (teaching, healthcare, banking), Supply - How much producers are willing and able to sell at different prices, Demand - How much consumers are willing and able to buy at different prices, Market - Any place (physical or online) where buyers and sellers exchange goods and services, Inflation - A general increase in prices over time (→ money loses value), Deflation - A sustained decrease in the general price level of goods and services, usually linked to weak demand and economic slowdown., Recession - A period of declining economic activity, often measured as two quarters of falling GDP, Gross Domestic Product (GDP) - The total value of all goods and services produced in a country in one year. It shows the size of the economy,

Basic economic terms

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