Economics

2. Curve A graph that shows the relationship between the price of a good and the quantity demanded.
5. Policy The process by which a government or central bank controls the money supply and interest rates to influence the economy.
6. Competition A market structure characterized by a large number of small firms competing against each other.
7. A place or system where buyers and sellers interact to exchange goods and services.
9. A situation in which demand for a product exceeds its supply.
10. The total monetary value of all goods and services produced within a country's borders in a specific time period.
12. The system of production, distribution, and consumption of goods and services in a society.
13. A significant decline in economic activity across the economy lasting more than a few months.
14. A person who purchases goods and services for personal use.
16. The system of money in general use in a particular country.
17. The basic economic problem that arises because resources are limited while human wants are unlimited.
18. Cost The cost of the next best alternative that is forgone when making a decision.
19. The study of how individuals and societies allocate scarce resources to satisfy unlimited wants.

1. A financial plan that outlines expected income and expenses over a certain period.
3. The branch of economics that focuses on individual markets and the decisions of consumers and firms.
4. The rate at which the general level of prices for goods and services rises, eroding purchasing power.
8. The increase in the value of an asset over time.
11. The state in which supply and demand are balanced, resulting in stable prices.
14. The amount of money required to produce or acquire something.
15. Curve A graph that shows the relationship between the price of a good and the quantity supplied.