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| The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals. |
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| The part of economics study that looks at the behavior of people and organizations in particular markets. |
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| The part of economics study that looks at the operation of a nation's economy as a whole. |
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| The study of how to increase resources and to create the conditions that will make better use of those resources. |
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| A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all. |
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| An economic system in which all most of the factors of production and distribution are privately owned and operated for profit. |
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| The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time. |
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| The quantity of products that people are willing to buy at different prices at a specific time. |
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| The price determined by supply and demand. |
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| The degree of competition in which there are many sellers in a market and none is large enough to dictate the price of a product. |
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| The degree of competition in which a large number of sellers produce very similar products that buyers nevertheless perceive as different. |
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| A degree of competition in which just a few sellers dominate the market. |
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| A degree of competition in which only one seller controls the total supply of a product or service, and sets the price. |
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| An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be more evenly distributed among the people. |
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| The loss of the best and brightest people to other countries. |
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| An economic and political system in which the government makes almost all economic decisions and owns almost all the major factors of production. |
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| Economic systems in which the market largely decides what goods and services will be produced, who will get them, and how the economy will grow. |
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Definition
| Economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow. |
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| Economic systems in which some allocation of resources is made by the market and some by the government. |
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| gross domestic product (GDP) |
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Definition
| The total value of final goods and services produced in a country in a given year. |
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| The number of civilians at least 16 years old who are unemployed and tried to find a job within the prior four weeks. |
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| A general rise in the prices of goods and services over time. |
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| The federal government's efforts to keep the economy stable by increasing or decreasing taxes or government spending. |
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Definition
| The sum of government deficits over time. |
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| Keynesian economic theory |
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Definition
| The theory that a government policy of increasing spending and cutting taxes could stimulate the economy in a recession. |
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Definition
| The management of the money supply and interest rates by the Federal Reserve. |
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