Economic Systems

2. The amount of ownership someone has in an asset, like the value of a house minus the mortgage.
4. Domestic Product A measurement of the total value of all goods and services produced within a country over a specific period.
6. The quantity of a good or service that producers are willing and able to sell at a given price.
7. A raw material or basic good (like oil or grain) that is interchangeable with other instances of the same good.
10. The fundamental concept that resources are limited, forcing choices about how to best use them.
12. The ease with which an asset can be converted into cash without losing significant value.
14. Assets like machinery and buildings used to produce other goods or services.

1. Policy Actions taken by a central bank to influence the money supply and interest rates to manage the economy.
3. An individual or business that consumes goods and services.
5. The social science that studies how people, businesses, and governments make decisions about allocating scarce resources.
8. A measure of the rate at which prices for goods and services are rising in an economy.
9. A mechanism or place where buyers and sellers interact to exchange goods and services.
11. Policy The government's use of spending and taxation to influence the economy.
13. The quantity of a good or service that consumers are willing and able to purchase at a given price.