ECON 101

the gap between available resources and wants

• supply

• demand

• scarcity

the amount of a product or service available, and the desire of buyers for it

• Supply and Demand

• Factors of production

• Investments

the resources needed to industrialize/build a business (land, labor, capital)

• Market Economy

• Factors of Production

• GDP

the potential benefits an individual, investor, or business misses out on when choosing one alternative over another

• Assets

• scarcity

• opportunity cost

anything of value owned by an individual or company that could be converted into cash

• stock

• asset

• bond

a piece of ownership of a company

• stock

• asset

• bond

an investment bought from a bank that operates off interest rates

• stock

• asset

• bond

putting money into an asset for profit

• Investment

• monetary policy

• Market economy

an economy in which supply and demand determine prices, citizens make their own economic decisions, and there is private ownership of property

• Monetary Policy

• Fiscal Policy

• Market Economy

the actions taken by a nation's central bank to control money supply and achieve economic growth

• Monetary Policy

• Fiscal Policy

• Market Economy