Economics

when similar producers are trying to earn the business of the same consumer

Measures the number of people who cant work and want to work, (dont have a job at the time)

A sum paid or charged for the use of money or for borrowing money

what you give up when making a choice

the amount of goods/services available for sale

the price when quantity demanded equals quantity supplied

the one who makes or sells good/services

anything used to produce a good or service

A situation where unlimited wants exceed the limited resources available to fulfill those wants

a rise in the level of prices in an economy

goods/services that could be used in place of one another (ex. suddenlink cable and direct tv)

an economy based on supply and demand

the amount of money left over after all the costs of production have been paid

The sum total of the value of all the goods and services produced in a nation in a year

what you gain when making a choice

the reason for doing something

how much consumers are able and willing to pay for a good/service

goods that can be owned by an individual

the one who buys and uses goods/services

less than quantity demanded

group of workers that tries to improve working conditions, wages, and benefits for its members

A measure of the overall cost of the goods and services bought by a typical consumer

more than quantity demanded

work

economy based on tradition and customs (king cake)

a market in which there are many buyers but only one seller

blending of a traditional, market, or command economy

scarcity requires you to make ___

trading good/service for good/service (not using money)

making a compromise in a decision

anything man-made that is used to produce a good or service

services that can be purchased by an individual

A national banking system, that controls the U.S. money supply and the credit in the country

goods/services that are used together (example: iphones and iphone cases

anything used to produce a good or service that comes from the earth

an economy controlled by the government

study of how people use limited resources to satisfy unlimited wants

federal funded retirement payments for enrolled workers beginning at age 65;

people who are used to produce a good or service

a drop in the level of prices in an economy

money used to provide government services

individuals who start new businesses, introduce new products, and improve management techniques

Statistics that provide information about the performance of the economy

services provided by the government; shared by the public

Cost of the next best alternative use of money, time, or resources when one choice is made 

goods provided by the government; shared by the public