Economics

6. consumers decide whether to consumer the “next” unit of a good
8. increase government spending
9. organize and distribute available resources,
10. consumers can be “_______” to make  choices voluntarily that are better  for them and thus for society
13. Increase money supply: lower reserve requirements for banks
16. economists that assume that consumers are rational.
17. the field of   economics that looks at the   economic behaviors of individuals,   households, and companies.
18. takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even global.

1. Economic decisions are made by individuals competing to earn profits based on supply and demand in this economy
2. a means by which societies or
3. and goods across a geographic region or country.
4. the founding father of economics
5. An economic system where tradition and custom govern economic decisions
7. general rise in the price level of an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services
11. When private producers are left alone to decide what to produce and how to produce it, they are guided by the…
12. Combines elements of pure market and command economies; Government and individuals share the economic decision making process in this economy
14. The government or other central authority makes all economic decisions in this type of economy
15. anything that gives value or benefit to its owner