Relationship between the amount of a resource that is available and the price.

The point at which supply and demand cross.

An increase in the average prices of goods and services in a country.

The price of silicon used to make computer chips increases is what type of inflation?

The government prints more money to pay its expenses is what type of inflation?

Consumer borrow more to buy additional goods and services is what type of inflation?

Labor unions make employers increase workers' pay is what type of inflation?

The most attractive alternative given up when a choice is made, is the

The limited resources available to satisfy the unlimited needs and wants of people.

The study of how people choose to use limited resources to satisfy their unlimited needs and wants.

The third step in the decision making process is

The difference between a country's exports and imports.

The process of changing an industry from public to private ownership.

A nation's transportation, communication, and utility systems.

Country with little economic wealth and an emphasis on agriculture or mining.

This factor of production are the raw materials that come from the earth.

Resources such as buildings, equipment, and factories.

The type of government where the government or a central-planning committee regulates the amount, distribution, and price of everything produced.

Economy that is based on supply and demand where individual companies and consumers make the decisions about what, how and for whom items will be produced.

An economy where there is a blend between government involvement in business and private ownership.

A country with a strong business activity that includes advanced technology and a highly educated population.