Basic Economic Language

6. the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix
8. is the broadest quantitative measure of a nation's total economic activity.
9. the lowest remuneration that employers can legally pay their workers
10. the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
12. a measure of economical stability
13. an economic system consisting of a mixture of either markets and economic planning, public ownership and private ownership, or free markets and economic interventionism.
14. the ability of members of a society to undertake economic actions.

1. the act of buyers and sellers freely and willingly engaging in market transactions.
2. a sustained increase in the general price level of goods and services in an economy over a period of time.
3. the situation in an economy where the desires and needs of consumers control the output of producers
4. the foundation of economic security for millions of Americans—retirees, disabled persons, and families of retired, disabled or deceased workers.
5. a type of investing or budgeting style for which real return rates or periodic income is received at regular intervals and at reasonably predictable levels.
7. the motivation of firms that operate so as to maximize their profits.
11. a system of measures that uses material means to motivate participants in production to work for the creation of the social product.