Master this deck with 62 terms through effective study methods.
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Limited resources compared to unlimited wants.
The study of how people make choices because of scarcity.
The next best alternative you give up when making a choice.
Giving up one thing to get another.
Physical products that can be touched.
Activities done for someone else.
A person who buys goods or services.
A person or business that makes goods or services.
Materials from nature used to make goods.
Workers and their skills.
Tools and machines made by humans.
The amount of a product producers are willing to make.
The amount of a product consumers are willing to buy.
When price goes up, demand goes down; when price goes down, demand goes up.
When price goes up, supply goes up; when price goes down, supply goes down.
The price where supply and demand meet.
An economy where businesses are privately owned and prices are set by supply and demand.
An economy where the government controls production and prices.
An economy combining government involvement with market forces.
A person who starts a business and takes risks.
Money left over after expenses (Revenue - Expenses).
Total money a business earns.
Costs required to operate a business.
A plan for spending and saving money.
Money earned from work or investments.
A bank account used to save money over time.
A bank account used for everyday transactions.
Money earned or paid for the use of money.
Money owed to someone else.
Total value of goods and services produced in a country.
An increase in overall prices.
The percentage of people who are looking for work but cannot find a job.
Focusing on making one product or service well.
The exchange of goods and services between people or countries.
Money citizens pay to the government.
Tax on purchased goods.
Tax taken from earnings.
Tax on land or homes.
A market with only one seller.
Many businesses selling similar products.
Goods provided by the government for everyone (roads, schools).
The price at which buyers and sellers agree
The study of how individuals and societies allocate scarce resources to satisfy unlimited wants.
A fundamental economic model that describes how prices are determined in a market based on the relationship between the quantity of a good available and the desire for that good.
The value of the next best alternative that is forgone when making a decision.
An economic system where decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
The basic economic problem that arises because resources are limited while human wants are unlimited.
The total monetary value of all finished goods and services produced within a country's borders in a specific time period.
The rate at which the general level of prices for goods and services rises, eroding purchasing power.
The process by which a central bank manages the money supply and interest rates to influence the economy.
The use of government spending and taxation to influence the economy.
The process of starting and running one's own business, often involving risk and innovation.
The difference between a country's exports and imports of goods and services.
A measure that examines the weighted average of prices of a basket of consumer goods and services, used to assess price changes associated with the cost of living.
The supply of available workers in relation to the demand for those workers.
Tangible assets that a company uses in the production process to manufacture products and services.
An economic system where prices are determined by unrestricted competition between privately owned businesses.
Goods that are non-excludable and non-rivalrous, meaning they are available for all to consume regardless of who pays for them.
Factors that motivate individuals and businesses to make decisions in the marketplace.
A financial plan that outlines expected income and expenditures over a specific period.
The action or process of allocating resources, usually money, in order to generate income or profit.
The economic value of the skills, knowledge, and experience possessed by an individual or population.