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Economics Key Terms

A comparatively homogeneous product that can typically be bought in bulk
Mr C's daughter who got to ride in a police car
the exchange of one benefit or advantage for another that is thought to be better
something that motivates a person to take a particular course of action; could be positive or negative
is defined as consumers' willingness and ability to consume a given good
a system used to manage limited resources for the production, distribution, and consumption of goods and services
the study of the economy at the level of individuals, households, and businesses
a current medium of exchange in the form of coins and banknotes
the using up of a resource, product or service
is an obligation to repay an amount you owe
how quickly you can get your hands on your cash
the condition that results because people have limited resource but unlimited wants
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
An economic system in which economic decisions are made based on customs, beliefs, religion and habits
is the extension and integration of cross-border international trade, investment and culture
A market structure characterized by a single seller, selling a unique product in the market. The seller faces no competition, as he is the sole seller of goods with no close substitute
an economy in which production, investment, prices, and incomes are determined centrally by a government
the act of giving money, food, or other kinds of help to people who are poor, sick, etc.
is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations
is a persistent fall in the general price level of goods and SERVICES
the belief that an economy functions best when there is no interference by government
the study of the workings of the economy as a whole
anything used to produce an economic good or service
is the number of people out of work divided by the total civilian labor force
the study of how people choose to use their limited resource to satisfy their unlimited wants
an arrangement that brings buyers and sellers together to do business with each other
is defined as the total amount of a given product or service that is available for purchase at a set price
a person who purchases goods and services for personal use
A tax that's usually on imported goods
a significant decline in economic activity spread across the economy, lasting more than a few months
a general increase in prices and fall in the purchasing value of money
an economic system combining private and public enterprise
the total value of goods produced and services provided in a country during one year