structure of production, distribution, and consumption of goods and services
economy in which privately owned businesses operate and compete for profits with limited government regulation or interference
all economic systems attempt to resolve the problem of limited and unlimited needs and wants
choice of one item while giving up another
loss of one alternative when one chooses another
price and supply tend to follow demand
market situation in which one seller produces the entire output of an industry or sells a product or service for which there is no substitute
passed to promote competition and fair trade and to prevent monopolies and other trade restraints
refers to federal governments taxing and spending
total dollar value of final goods and services produced within the country in one year
measure of average change in prices over time for selected goods and services
slowing of economic activity
period of rising prices that relates to personal money management
actions Federal Reserve Board takes to change the supply of money and credit
study of production, distribution, consumption or use of goods and services
items produced
work performed
provide demand for goods and services they want at prices they can afford to pay
application of scientific knowledge to practical uses and product development
ever growing interconnection of economies among all countries of the world
development and production of computer and telecommunications hardware, software, and services which are used to deliver information
buying from other nations
selling to other nations
account of the flow of goods, services, and money coming into and going out of the country
when we buy more products than we can sell
policy of discouraging imports through trade barriers such as tariffs or import quotas to protect American businesses and jobs from foreign competition and to reduce trade deficit
any action taken to control or limit imports
tax on imports that make them more expensive to consumers
limitation on number or quantity of imports allowed into a country
value of one currency compared to another
launched in Europe for noncash transactions

Add, edit, delete clues, and customize this puzzle. Print copies for an entire class.

Chapter 1 Vocab


unit 1 vocab


Economic Terms


running a venture


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