Basic Economics

1. A situation where wants exceed available resources
4. The study of how individuals and societies allocate scarce resources
5. Economy A type of economy that combines free markets with government intervention
6. When businesses focus on producing a limited number of goods efficiently
7. The total value of all goods and services produced in a country
11. Cost The alternative given up when making a choice
12. An increase in the general price level of goods and services over time
13. Money paid for the use of borrowed money
14. Economy A system where prices are determined by the forces of supply and demand
15. The willingness and ability to buy a good or service

2. A market structure with many competitors selling similar products
3. Economy A system in which the government controls all economic decisions
6. The amount of a product that producers are willing and able to sell at a given price
8. The financial gain made from a business transaction
9. The price where quantity supplied equals quantity demanded
10. A person who starts a business and takes on financial risk