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| study of how people seek to satisfy their wants and needs with limited resources |
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| Item needed for survival: food, water, shelter, transportation, etc |
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| Items you want but aren't needed for survival |
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| Limited quantities of resources to meet unlimited wants. |
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| most DESIRABLE alternative given up by choosing one course of action |
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| Method used by a society to produce and distribute goods and services. |
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| Level of economic prosperity in a country |
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| Economy that relies on habit, tradition, and customs to answer the 3 economic questions; 3rd world, low technology, and barter system |
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| Economy that relies on individuals to answer the 3 economic questions; based on exchange and trade in a market; associated with capitalism |
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| Economy that relies on the government to answer the 3 economic questions; centrally planned economics characterized by control and communism; associated with socialism |
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| Struggle amongst producers for the dollars of consumers; regulating force in a market economy. |
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| Economic system characterized by a private or corporate ownership of capital goods and private investments determined in a free market. |
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| Study of behavior and decision making in LARGE units; major businesses or entire countries |
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| Study of behavior and decision making of small units; individuals, families, small businesses |
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| A commitment to the value of work and purposeful activity. |
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| Economic side effects of a good or service that generates benefits or costs to someone else |
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| When supply and demand are equal and meet at a price (market equilibrium price) |
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| State of economy when quantity supplied is not equal to quantity demanded; results in excess supply or demand |
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| Quantity demanded is greater than quantity supplied; causes increase in price through time |
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| Quantity supplied is greater than quantity demanded; causes drop in price through time |
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| Minimum amount an employer can pay a worker for an hours worth of labor; price floor in the labor market |
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| Conducting business without the regard for government controls on price, quantity, or legality |
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| Anything that serves as a medium of exchange, a unit of account, or a store of value |
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| Direct exchange of one set of goods or services for another |
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| An institution for receiving, storing, and lending money; private business with the goal of making a profit |
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| Adopted in 1870s; system where currency is backed by gold; gave confidence to people that their money was stable |
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| Passed by Congress in 1913; set up National and Central Banks; established member banks, federal reserve board, loans to banks in need, and printed 1st national currency |
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| Ability to be used or converted quickly into cash |
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| Act of redirecting resources from being consumed today so they can create benefits in the future |
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| Documents that prove you have invested money into a bank, stock, or some other investment |
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| Loans/ I.O.U.s to he government or a business; paid back to investor with interest over even time intervals |
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| Ownership in a corporation; invest money in a company and become a partial owner |
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