Economics Vocab

3. The value of the next best alternative that must be forgone in order to pursue a particular action.
9. The total value of all goods and services produced by a country in a specific time period.
11. A market structure in which a single seller or producer controls the entire supply of a product or service.
13. Financial assistance granted by the government to support a business or market.
15. A measure of how sensitive the quantity demanded or supplied of a good is to changes in price.
18. The knowledge, skills, and other attributes embodied in individuals that contribute to their ability to perform labor and produce economic value.
21. The rate at which the general level of prices for goods and services is rising, leading to a decrease in purchasing power.
22. The control of the money supply and interest rates by a central bank to achieve economic goals.
23. A graphical representation of the relationship between the quantity of a good that buyers are willing to purchase and the price.
24. The unintended side effects or consequences of an economic activity that affect other parties.
25. The fundamental economic problem of limited resources versus unlimited wants.

1. An economic philosophy advocating minimal government intervention in the economy.
2. An economic system where the government makes decisions about what, how, and for whom to produce.
4. The exchange of goods and services between countries without the imposition of barriers, such as tariffs or quotas.
5. An economic system where prices are determined by supply and demand in a free market.
6. The efficiency with which input resources are used in the production of goods and services.
7. The amount by which government revenue exceeds government spending in a given period.
8. The process by which businesses or other organizations develop international influence or start operating on an international scale.
10. Demand The relationship between the availability of a good or service and the desire for it.
12. The use of government spending and taxation to influence the economy.
14. A measure that examines the average change in prices paid by consumers for goods and services over time.
16. The amount by which government spending exceeds government revenue in a given period.
17. A tax on imported goods, designed to protect domestic industries.
19. A situation in which the allocation of goods and services by a free market is not efficient.
20. A person who organizes, manages, and takes on the risks of a business.