"_" means that we will always want more than we have. _ is always a part of human existence.

A "_" is a temporary lack of some resource. In January 2008 Shreveport experienced a _ of clean drinking water when a problem occurred at the city's water plant. Most grocery stores quickly sold out of bottled water

We must choose how to use our limited resources to achieve the _ that are most important.

Economics is called "The _ Science" because it examines the impact of scarcity on our lives.

"_" is the study of how to make the best choices in the use of our limited resources given the permanent problem of scarcity.

_ forces us to make decisions on how best to use our limited resources.

We attempt to maximize our _ using our resources.

While economics is known as the "_ Science," it is actually the study of happiness.

Economists use "_" as the measure of happiness.

Utility varies with the _ of the individual, organization, or society. What pleases one person may be distasteful to another.

_, taxes on imported goods, may help some industries by protecting them from foreign competition. However, other industries may be harmed as nations retaliate by raising these on American goods.

The third question in economic decision-making is "Which _ gives us the most happiness?"

The second question in economic decision-making is "How is each choice limited and what _ are involved?"

Everyone is a _ as we all purchase, and consume, goods and services.

  Some _ are tasked with protecting consumer rights.

_ is the study of how to squeeze the most happiness from limited resources.

The first question in economic decision-making is "How _ will each possible choice make us?"

_ economies are technologically stagnant. Things are done as they always have been done.

_ economies attempt to plan production and consumption. Historically, this has failed.

_ economies permit supply and demand to set prices. Historically, this has driven innovation and produced the most wealth of any system.

"_" is that which must be given up to obtain something we want. It could be money, time, effort, or something else.

Another term for a one-time cost.

The problem of _ forces everyone to make choices about the use of resources.

_ are plans for using resources. They are used by governments, businesses, organizations, and families to manage financial resources.

The goal of money management is to get the maximum amount of benefit from available resources with the minimum _.

Failing to pay _ may land you in prison.

_ are 12% of the average household budget.

_ provides flexibility in moving and repair expenses are covered by the landlord.

Buying a home means making _ payments for most people.

_ is 16% of the average household's expenses.

_ is 14% of the average household's expense.

Food prices may rise and fall when _ affects crop yields.

_ is 10% of the average household's expenses.

Clothing and clothes cleaning are _ of the average household expenses.

_ expenses may be unpredictable. A sudden illness or injury may lead to catastrophic expenses.

_ may help with medical expenses.

Some people with health insurance do not realize that without a _ , they may not be ready for the expenses or chemotherapy.

On average, _ is 6% of the average household budget.

_ policies are arrangements in which a policy-holder pays a company to assume part or all of the risk of an activity, such as driving a car or owning a home.

A homeowners policy pays in case a home is destroyed by fire. However, unless there is a _ policy, the same home destroyed by this disaster would not be covered by the homeowners policy (choose all that apply).

_ accounts are bank accounts which allow the account holder to easily access funds.

Checking accounts may include _, but some banks waive these for account holders who directly deposit their paychecks.

A _ account is a bank account that pays a small amount of interest for funds kept in the account.

A _ is a financial arrangement in which the lender provides money to a recipient.

The money lent is the _.

The lender risks losing the money but stands to make more money by charging _ (additional money that must be repaid along with the principal).

Simply leaving money in the bank fails to earn enough money to overcome the loss of value of money through _.

_ requires research to find the best price for the product or service desired.

Individuals may _ money to earn more money.

_ is the loss of value of money over time.

A _ refers to a score that reflects the credit-worthiness of a potential loan recipient.

A high _, gained by repaying loans as promised, means lower interest rates.

Traditional economies must focus on the production of ___ because they are inefficient and do not produce enough excess food to support much specialization of labor. Most people are farmers, a few may be craftsmen, and a very small group may serve as religious or political leaders.

___ economies use the same methods to produce goods (mainly food) from generation to generation.

___ decides who gets land, jobs, and leadership status in a traditional economy.

The lack of ___ in a traditional economy limits production because resources are not multiplied by its use.

A ___ economy is controlled by central planners in a government.

Supply and price are decided by government ___ in a command economy.

Command economies promise economic security and stability through ___ ; historically this has not worked.

The ___ was a planned economy.

The ___ decides what will be produced in a command economy. It also decides how goods and services are produced and the amounts produced.

Historically, in command economies, the ___ Party members got the best and most of what was produced, leaving their "comrades" to stand in long lines for stores with mostly empty shelves.

___ economies are free from government interference and operate on the basis of supply and demand.

The government has a "___" policy -- it does not attempt to manage the economy in a true market economy.

If more consumers want and will buy some good or service ___ will be attracted to enter the market and fulfill consumer wants.

___ decide what to produce through demand in a market economy.

If consumers lose interest in a good or service the businesses providing these must find another ___ or go out of business.

An insect that attacks cotton plants; it forced Alabama and the rest of the South to diversify into other agricultural activities.

International trade through this port city caused it to grow to be one of the largest cities in Alabama.

The movement of people to cities from rural areas.

Always important in Alabama, it was once dominated by cotton but is now more diverse.

Alabama relies on its warm winter climate, beaches, mountain, cuisine, and golf to grow this industry.

The seat of Alabama government, growth in state civil service jobs fueled the growth of this city.

The Alabama city that grew as workers moved to take jobs in the steel industry.

This Alabama city grew as a rail hub for regional agriculture, especially peanut farming.

_ must find efficient ways to produce goods to keep costs low, therefore increasing profits or permitting lower prices to compete with similar businesses for consumers.

Consumer ___ decides how much or how many of a particular good or service will be produced in a market economy.

Consumers decide whether to buy a good or service at a particular ___ in a market economy. Those able and willing to purchase an available item are free to do so.