Economic Vocabulary

The condition that arises because society can't produce all the things people want.

The use of government spending and revenue collection (taxes) to influence the economy.

The rise in the general level of prices.

The study of human efforts to satisfy needs and wants by making choices in a world of scarcity

Annual output of Final goods and services produced in a country in a given year.

This is a tax placed on imports

Producers supply more products when they can sell them at higher prices and vice versa

Rule stating that more will be demanded at lower prices and less at higher prices; vice versa

When a country is more efficient in the production of a good. They have a ..

This can be a positive or negative consequence that you have no control over

This is a method for estimating how long it will take an investment to double its return.

As each additional good or service is added your utility and or return starts to diminish

The periodic but irregular up-and-down movements in the economy

This is the cost of the next best alternative use of money, time, or resources.

This is when two companies in the same business get together and talk about their pricing, etc.

A steady drop in the stock market over a period of time.

A steady rise in the stock market over a period of time.

The Central Bank of the U.S. Its job is to control the money supply through Monetary Policy

A risk taker in search of profit. They Control the other Factors of Production

The actions the Federal Reserve takes to control growth of the nation's money supply.