Economics

2. An economic system where the government or community owns key resources and wealth is more evenly distributed.
3. The price at which quantity supplied equals quantity demanded, so the market “balances.”
6. is the gain or advantage you get from choosing one option over another.
7. of Production Resources used to make goods and services
8. The study of the whole economy, including things like inflation, unemployment, and national growth.
11. An economic system where private individuals own businesses and property and make decisions based on profit and competition.
14. The amount of a good or service producers are willing to sell at different prices.
16. When the quantity supplied is greater than the quantity demanded at a certain price.
18. The study of individual people, households, and businesses and how they make choices in markets.
19. The situation where wants are greater than available resources, forcing people to make choices.

1. The next best thing you give up when making a choice.
4. organizing resources and taking business risks
5. human work
9. tools, machines, and buildings
10. An economic and political system where all property is owned by the community, and everyone is meant to share wealth equally.
12. The number of goods or services available or bought at a certain price.
13. The amount of money a buyer pays for a good or service.
15. The amount of a good or service consumers want to buy at different prices.
17. natural resources