Items we buy (shoes, pizza)

(a)  

Provided by others (transportation, haircuts)

(a)  

Things we need to live (food, basic clothing, shelter)

(a)  

Not necessary, but desired (computer, latest Fashions)

(a)  

Specialist in the field of economics

(a)  

Economics on a national and global scale, decisions mad by government.

(a)  

Economics decisions mad by individuals and businesses.

(a)  

Is the way a society uses resources to satisfy its peoples's needs and wants.

(a)  

An economic principle stating that because of limited resources, an economic system can not possibly produce all the goods and services that people want therefore, choice must be mad about how limited resources will be used. (vaccines, food, gas)

(a)  

The value of the best alternative you give us when you decide to use resources on way rather than another. (Land)

(a)  

an economic system in which decisions about what is produced, how, and for whom is based traditional customs and beliefs of the society (Subsistence Economy)

(a)  

Decisions about what to produce, how and for who are decided by the government. (Controlled Economy)

(a)  

Decided by individuals and private companies acting in their own interest (Capital System)

(a)  

Mechanism that brings potential buyers and sellers together to exchange goods and services.

(a)  

Combination of command and market economies.

(a)  

Earning after all costs of production have been paid.

(a)  

Refers to machines and technology used in the productions of goods and services (factories, farming equipment, roads)

(a)  

A measure of the efficiency with which goods and service can be produced

(a)  

People focus on producing a particular good or service that they are able to do well

(a)  

Business owned and controlled by one person.

(a)  

An organization that is owned by many people, but treated by law as a single entity separate from its owners.

(a)  

Owners of a corporation, they purchase shares of stocks, which are units of ownership in the company.

(a)  

The quantity of a particular good or service that consumers are willing and able to buy at a given price.

(a)  

When a price goes down, then demand generally goes up; when a price goes up demand generally goes down.

(a)  

Quantity of a particular product that producers are able and willing to make available for sale

(a)  

When prices go up, then supply generally goes up; when prices go down then generally supplies goes down.

(a)  

Excess quantity

(a)  

When there is a price at which demand will equal supply.

(a)  

Organization that represents workers for the purpose of bringing about better pay and work conditions.

(a)  

Unions and employers negotiate employment contract that addresses issues such as pay, benefits, working hours, working conditions, and job security.

(a)  

Is rival companies know that consumers have the option of buying another product or shopping at another store.

(a)  

Controlling influence of consumers.

(a)  

Is an organized refusal to purchase particular goods or services.

(a)  

Is an insurance program that is sponsored by the federal government and pays benefits to qualified people.

(a)  

A program that pays some of the costs of medical and hospital care for people who are 65 and older.

(a)  

Is a situation in which a single company controls the supply of a good or service for which there is no close substitute. (Trust)

(a)  

Are designed to regulate unfair business practices that reduce competition.

(a)  

Method that adjust its policies about taxing and spending.

(a)  

Method that regulating interest rates and the money supply.

(a)  

Is a required payment to a local, state, or national government.

(a)  

Tax where different rates are applies.

(a)  

Tax is the same for everyone who pays the tax.

(a)  

Money collected or received by a government for public use.

(a)  

Tax that takes the same percentage out of everyone's income.

(a)  

Tax that takes a larger percentage of the income of high-income people than of low-income people.

(a)  

Tax that takes a larger percentage of the income from low-income people than of high-income people.

(a)  

Tax collected form a job, interest on saving accounts, or other sources.

(a)  

Tax collected by FICA, employers and employees pay equal amounts, but self-employed people pay full.

(a)  

Tax collected on the value of goods and services.

(a)  

Tax collected on the manufacture of sale of certain goods and services.

(a)  

Tax collected based on the value of land and building owned.

(a)  

Tax collected on the value of a person's property after his or her death.

(a)  

Tax Collect on someone who gives a gift exceeding a certain dollar value.

(a)  

Tax collected form people who have license fees to drive a car, own certain pets, hunt and fish, doctors, teachers, etc.

(a)  

Tax placed on goods imported from other countries.

(a)  

Principle: if you use a public service, then you should pay for it.

(a)  

Principle: People who can afford to pay more should pay more.

(a)  

Is the percentage that is charged in tax

(a)  

Individuals are free to own and control business enterprises.

(a)