Economics Basics

Economic system where buyers and sellers interact to determine who gets what

The monetary value of a property beyond that which is owed on a loan

The idea that each successive slice of pizza is worth less and less illustrates the concept of

America's first Secretary of Treasury, he is considered the father of US economics

The right to buy and sell property free of government control

The price of money, the charge for using someone else's capital

When one buyer or seller tries to outdo another

The person who assembles the factors of production in hopes of earning a profit

In a market economy these serve to ration scarce resources and motivate production

Economic system which has strong controls on the economy but also private property

The condition resulting from unlimited wants with limited resources available

Economy system where the government makes important decisions regarding the economy

As prices go up, consumers want to buy less and less of a product

That which if given up when purchasing something else

Type of economy where things are done the way they have always been done

The study of how people distribute scarce resources

His book, The Wealth of Nations, defined market economics for the first time 

The right to own and use things of value

French term for the philosophy that says the government should stay out of the economy

The bank for banks, there are 12 district branches that set interest and reserve rates