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| the study of how people make choices about ways to use resources efficiently |
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| in economics, the ability and willingness of sellers to make products or services available for sale |
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| the amount of goods and services that consumers are willing and able to buy |
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| information that is used to determine how an economy is doing |
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| a steady increase in the price of goods and services |
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| the sacrifice that is made when a person chooses between alternative goods or services (the one not chosen) |
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| in economics, the choice of one product or service over another |
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| in economics, a situation in which people want more of something than exists |
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| extra money that the government takes in above the amount it spends |
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| the lowest wage an employer is allowed to pay an employee ($7.25) |
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| economic system in which the state owns and controls most economic resources and in which most individuals have few economic choices |
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| economic system in which choices are made depending on the model established the way ancestors did it in the past |
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| economic system in which markets are allowed to function relatively freely; sometimes called “free enterprise” or “capitalism” |
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| the value of one currency for the purpose of conversion to another. |
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| money borrowed for the purchase of a home |
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| a product brought into a country from another country |
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| a product shipped from a country where it was produced to another country |
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| in business, sending work to another country |
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