a way for buyers and sellers to come together to exchange goods and services .

directly exchange goods and services

people buy and sell goods and services in the area where they are produced

goods and services are bought and sold all around the world

a struggle or contest with other

someone who starts a business or introduces a new product

refers to the amount of a product that buyers are willing and able to buy at different prices

refers to the amount of a product producers are willing and able to sell at different prices

sellers will usually supply more of something as its price goes up

the price where the amount of a product that buyers want to buy is equal to the amount that sellers want to sell

the amount of an item supplied is higher than the amount demanded

A market with perfect competition

a market that is controlled by only one seller

happens when people agree to exchange goods and services

they make and do the things they are best at instead of making and doing everything on their own

a person that makes clothes

happens when goods and services are exchanged between countries.

goods that are brought into countries.

goods that are sent out of countries.

features of the land

how much people are paid to work

refers to the work that people do

make as much money as possible after all costs

"gifts of nature", or natural resources not created by humans

alternatives that we must give up when we make a choice

something like air, food, or shelter that is necessary for survival.

an item that we desire but that is not essential to survival.

the study of how people seek to satisfy thier needs and wants by making choices.

physical objects such as cloths or shoes.

activities that one person performs for another.

limited quantities of resources to meet unlimited wants.

A situation in which a good or service is unavailable.

land; labor, and capital; the three groups of resources that are used to make all goods and services.

natural resources that are used to make goods and services.

the effort that people devote to a task for which they are paid.

any human-made resource that is used to create other goods and services.

all human-made goods that are used to produce other goods and services; tools and buildings.

the skills and knowledge gained by worker through education and experience.

ambitious leader who combines land, labor, and capital to create and market new goods and services.

an alternative that we sacrifice when we make a decision.

a phrase that refers to trade-offs that nations face when choosing whether to produce more or less military or consumer goods.

the most desirable alternative given up as the result of a decision.

deciding whether to do or use one additional unit of some resource.

a graph that shows alternative ways to use an eonomy's resources.

the line on a production possibilities graph that shows the maximum possible output.

using resources in such a way as to maximize the production of goods and services.

using fewer resources than an economy is capable of using.

cost law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases.

Money deposited with a financial institution for investment and/or safekeeping.

Money and other valuables belonging to an individual or business

Acronym for Automatic Teller Machine

An outstanding amount of money.

An establishment for lending, issuing, borrowing, exchanging, and safeguarding money.

An IOU issued by a corporation, the U.S. government, or a city and held by the lender as receipt that the business or institution has borrowed by a specific amount of money.

A check that a bank has refused to cash or pay because there are no funds to cover it in the account.

A "used" check that has been paid and subtracted from the check-writer's account.

A stock of accumulated wealth used or available for producing more wealth.

Money in the form of paper and coins.

A check issued by a bank, drawn on its own funds rather than on one of its depositors.

A savings account in which an individual promises to deposit the money for a set period of time, for which the bank typically pays higher interest than a regular savings account.

A plastic card that gives access to a line of credit and the user is expected to repay their balance in full every month.

Any written document instructing a bank to pay money from the writer's account.

An account for which the holder can write checks.

A check "clears" when its amount is debited (subtracted) from the payer's account and credited (added) to the payee's account.

Anything that a bank accepts as security against the debtor's not repaying a loan.

Nongovernmental financial institutions.

Interest calculated not only on the original principal, but also on the interest already accrued.

Buying or borrowing on the promise to repay at a later date.

An agency that checks credit information and keeps a complete file on people who apply for and use credit.

A plastic card that gives access to a line of credit.

A rating of yours use of credit based on: your payment history, amount owed, the length of your credit history, new credit, and the types of credit you use.

Money- anything used as a common medium of exchange.

Sum of money owed by an individual or institution

A banking card enhanced with ATM and point-of-sale (POS) features that can be used to purchase goods and services electronically.

A checking account

An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account.

An individual or company that puts money in a bank account.

To write the payee's own signature on the back of a check before cashing, depositing, or giving it to someone else.

the fees paid for the use of money

A savings or checking account established in the names of more than one person.

Money owed to individuals, businesses, or institutions.

An authorized amount of credit given to an individual, business, or institution.

An economic system permitting an open exchange of goods and services between producers and consumers.

A legal agreement that creates an interest in real estate between a borrower and a lender.

A booklet given by the bank to the depositor to record deposits, withdrawals, and interest earned on a savings account.

An individual or company who writes a check; one who gives money as payment.

The original amount of money borrowed, deposited, or invested before interest accrues.

To revise a loan agreement to make the terms of payment more suitable to a borrower's present income and ability to repay.

A bank account that accrues interest in exchange for use of the money on deposit.

State-chartered or federally chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans.

A monthly fee a bank charges for handling a checking account.

A request made to a bank to not pay a specific check.

The period of time and the interest rate arranged between creditor and debtor to repay a loan.

An amount of money taken out of an account.

A governmental agency established by Congress to organize and regulate banking throughout the United States.

At the current market price in the market for smartphones, the quantity of buyers is larger than the quantity of sellers. Given this situation, we can expect the market price of smartphones to:

Currently, the market for pizza pies in your neighborhood is at equilibrium. If a large number of people move into the area, we would expect the market price of pizza to:

Assuming everything else stays the same, an increase in the price of smartphones will __________ of smartphones.

According to the law of demand, when the price of a product decreases:.

If farmers begin using better fertilizers to grow corn, we would expect a(n) __________ in the supply of corn.

Anything generally recognized as a medium of exchange

An individual or company to whom a check is written; one who receives money as payment.

A check written for more money than is currently in the account.