economic system characterized by private ownership of businesses operated for profit with economic freedom for both consumers and producers

condition in which there are not enough resources available to produce everything that individuals demand

the value of goods and services that are given up in order to obtain an alternative good or service

the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship

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process created to manage the production, consumption, and distribution of goods and services

a visual representation showing the relationship between the factor market and the product market

an arrangement that bring sellers and buyers together for economic transactions

the total amount of goods and services offered for sale at various prices

the total amount of goods and services consumers are willing to buy at various prices

the price at which the quantity supplied in the market matches the quantity demanded in the market

condition that occurs when someone can produce goods and services cheaper than another other producers

condition that occurs when someone can produce at a lower opportunity cost than other producers

the development of skills and knowledge associated with one job or one area of expertise

a market structure characterized by many producers supplying the same product and very few barriers to entry in the market

a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market

a market structure characterized by very few producers supplying similar products with high barriers to entry in the market

a market structure characterized by one producer with a unique product and very high barriers to entry in the market

the willingness and innovation needed to risk starting a business

a business owned and managed by a single individual

a business owned and managed by two or more individuals as co-owners

a business owned by shareholders and managed by directors and executives

a repetitive pattern of growth and decline in economic activity

a general increase in the price of goods and services

the market value of all goods and services produced in a country during a specific time period

condition in which those seeking jobs are unable to find jobs

a measure of the efficiency of the production of goods and services

strategy taken by a central banking system to regulate the supply of money

strategy taken by public officials regarding taxing and spending

the amount of money banks are required to keep and not lend out

the interest rate banks charge each other on loans

the interest rate the Federal Reserve Bank charges commercial banks for loans

a Federal Reserve practice of purchasing and selling government bonds intended to take money out or put money into the economy quickly

a physical item, such as bills and coins, use as a medium of exchange

the exchange of goods and services for goods and services

money raised by the government or money received by a firm doing business

a payment, cost, or the amount of money spent

providing money or capital to an enterprise with the expectation of making a financial gain

interest which is calculated on the initial principle and on the accumulated interest

a number based on an individual's credit history that indicates how much of a credit risk he may be

the relationship between the risk of an investment and the expected return of the investment

a payment made for the use of borrowing money

a line of credit that can be used repeatedly, within an established borrowing limit

a loan for a set amount that requires regular payments at certain intervals

a loan that is obtained by offering an asset as collateral to ensure repayment of the loan

a loan that is obtained without the use of collateral

an itemized plan of income and expenses for a given period of time

an asset given as security to ensure payment of a loan and is given up if the loan is not paid