Economics

4. The point where the quantity demanded by consumers equals the quantity supplied by producers, resulting in an optimal price and quantity for a good or service.
7. _________ refers to the fundamental economic problem that arises because resources (such as time, money, and materials) are limited, but human wants are virtually unlimited.
9. the difference between the value of a country's exports and imports. A positive balance (trade surplus) occurs when exports exceed imports, while a negative balance (trade deficit) occurs when imports exceed exports.
10. the total value of all goods and services produced within a country's borders over a specified period, typically a year or a quarter.

1. ________ the cost of forgoing the next best alternative when making a decision.
2. refers to the use of government spending and taxation to influence the economy.
3. measures the percentage of the labor force that is unemployed and actively seeking work.
5. the rate at which the general level of prices for goods and services rises, eroding purchasing power.
6. When the supply of a product, like oranges, is high and demand is low, the price of oranges tends to fall. Conversely, if supply is low and demand is high, the price rises.
8. involves the management of a nation's money supply and interest rates by its central bank to influence economic activity.