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| the problem of limited resources |
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| the act of choosing, selection |
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| the value of an alternatiove good or service that a company or country has chosen not to produce in order to specialize in something else |
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| the amount as of money or goods, asked for or given in exchange for something else |
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| something, such as the fear of punishment or the execptation of reward that inculdes action or motivates effort |
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| the act or process of producing goods |
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| says businesses will providde more products when they can get a higher price and less when sold at a lower price. |
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| says buyers will demand more products when they can be bought at lower prices and fewer producats at higher prices. |
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| business organizations in which two or more persons share responsibilities, costs, profits, and losses |
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| business organizations owned by one person |
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| a business organization chartered by a state government and given power to conduct business, sell stock, and receive protection of state laws |
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| the remainder owed on a bill or a loan |
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| banks that are owned by their members to create a pool of money for low-interest loans |
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| U.S. banking system that handles banking needs of the federal government and regulates the money supply |
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| government policy of taxation and spending |
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| system of government insurance that provides benefits for retired people, people with disabilities, unemployed, and people iwth job related injuries |
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| a sharp decline in a country's business activity during which many workers lose jobs and many businesses close |
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| a rise in the cost of goods and services |
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| economic patterns in which a free-market economy goes through periods of prosperity and depression |
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| those who use goods or services |
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| those who make goods or provide services |
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| any useful items in the world such as land, labor, and capitol |
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| to trade a good or service for another good or service; very difficult to make an "equal" trade |
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| something generally accepted in exchange for goods or services |
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| the inability to satisfy all wants and needs at the same time; All goods and services are limited |
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