Economics

3. The value of the next best alternative that must be forgone when a decision is made to allocate resources to a particular option.
4. The total value of all goods and services produced within a country in a specific period, often used as an indicator of a country's economic health.
5. A measure of how sensitive the quantity demanded or supplied of a good is to a change in price.
7. Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
8. A market structure in which a single seller or producer controls the entire supply of a product or service, giving them significant pricing power.
9. The use of government spending and taxation to influence the economy. It is often used to manage demand and achieve economic objectives.

1. An economic system characterized by private ownership of the means of production, market-driven decision-making, and limited government intervention.
2. The control of the money supply and interest rates by a central bank to influence economic activity and ensure price stability.
6. The rate at which the general level of prices for goods and services is rising, leading to a decrease in purchasing power.