| economics | | type of economy in which buyers and sellers determine prices with limited government interference |
| scarcity | | government plan for controlling the amount of money in the overall economy |
| producers | | work products people buy, such as haircuts |
| recession | | things need to produce goods and services, including natural resources, capital/machinery, labor, and entrepenurship |
| monopoly | | current value in dollars of all goods and service produces in a country for one year |
| depression | | value of the next best use of resources when a choice is made |
| consumer confidence | | deep decline in the nation's economy |
| expansion | | money from a business activity, sale, or investments that remains after expenses have been paid |
| supply | | science that deals witht he wats in which goods and services are produced, transported, sold, and used |
| consumers | | general period of sustained growth |
| demand | | people who organize and run a business and take on the risks involved |
| business cycle | | tangible items that peopel buy and use, such as cars, pencils, shoes, and food |
| economic indicator | | people who buy and use goods and services |
| inflation | | desire and ability to purchase a product or service |
| unemployment rate | | slowdown in exonomic activity and growth |
| prime rate | | average price of basic necessities |
| factors of production | | range of economic activity in a country |
| goods | | number that idetiflies the monthly price changfe in about 400 selected goods and services |
| opportunity cost | | amount of a particular good or service that producers are willing to provide at a given price |
| cost of living | | measure of the U.S. economy's general health |
| consumer price index | | basic economic problem |
| profit | | rise in the general level of prices |
| entreprenuers | | people who make goods and provide services |
| services | | percentage figure representing the number of people who don't currently have jobs and are looking for work |
| monetary policy | | income |
| revenue | | interest rate banks charge their most credit-worthy customers |
| economy | | degree of confidence, or trust the people feel in the economy in general |
| Gross domestic product | | complete control bu one company of the means of producing or selling a product or service |
| free market system | | pattern of alternating periods of economic growth and decline |
