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Economics Review

Economics: Rose
A person who uses or buys a good or service
The amount of money a person pays when he or she buys a good or service
A person who assumes the risk of organizing resources to create a business
The difference between revenues and the costs of producing or selling a good or service; a return for risk taking
The trading of goods and services without money
Condition in which the quantity demanded is greater than the quantity supplied
Condition in which the quantity demanded is less than the quantity supplied
The decisions people make about how to use scare resources
The study of how people use resources to produce and distribute goods and services
An increase in the average price level of goods and services
Objects (things that you can hold and touch) that satisfy people's wants.
Payment made for the use of land or property
Anything that most people will accept as payment for goods and services; any generally accepted medium of exchange
A gift of nature, labor, or a capital good used to produce goods and services
Desires (things you would like to have) that can be satisfied by consuming a good or service
A type of activity in a market that is largely determined by the number of buyers and sellers in the market
A type of market system in which private individuals and businesses own most of the resources
The amount of a particular good or service that a consumer will want to purchase at any given price
Buying goods with promise to pay later or borrowing money for a period of time
Anything of value owned by a person or business
A compulsory payment of money to government
The schedule of how much producers are willing and able to sell at all possible prices in a given period of time
A temporary economic decline where industrial activity is reduced
Money one gets from working
Payment for the use of borrowed money
Work that is done by people
An activity that can satisfy wants
Another name for pennies