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Definition
| A way for buyers and sellers to voluntarily exchange goods and services for money. |
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| Activities that produce and exchange goods and services that other people are willing to pay for. |
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| An improvement in knowledge that increses the quantity and range of goods and services that the economy can deliver. |
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| The increasing exchange of goods, services, ideas, and people among countries. |
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Definition
| The parts of the economy connected with borrowing, investing, or transferring money. |
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| Centrally planned economy |
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Definition
| Most economic activities are controlled by the government. |
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Definition
| An imaginary economy with few or no government regulations or laws at all. |
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| The effort by people and businesses to achieve a desirable outcome, given what everyone else is doing. |
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| The actions taken by government to affect the economy. |
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Definition
| The process of reducing government control over markets. |
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| The study of how individuals, businesses, and governments make decisions and trade-offs in the face of scarce resources. |
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Term
| Gross domestic product (GDP) |
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Definition
| The dollar value of the total output of a national economy over a year. |
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Term
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Definition
| The government programs which provide a measure of security for the poor, sick, and vulnerable. |
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