Economics

4. 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
5. the field of   economics that looks at the   economic behaviors of individuals,   households, and companies.
8. anything that gives value or benefit to its owner
9. The government or other central authority makes all economic decisions in this type of economy
10. An economic system where tradition and custom govern economic decisions
11. consumers can be “_______” to make  choices voluntarily that are better  for them and thus for society
13. economists that assume that consumers are rational.
14. takes a wider view and looks at the economies on a much larger scale—regional, national, continental, or even global.
15. Increase money supply: lower reserve requirements for banks

1. the founding father of economics
2. Economic decisions are made by individuals competing to earn profits based on supply and demand in this economy
3. increase government spending
6. When private producers are left alone to decide what to produce and how to produce it, they are guided by the…
7. a means by which societies or governments organize and distribute available resources,services,and goods across a geographic region or country.
12. consumers decide whether to consumer the “next” unit of a good
14. Combines elements of pure market and command economies; Government and individuals share the economic decision making process in this economy