Economics

3. an economic system that relies on habit, custom, or ritual to decide the three basic economic questions
4. the study of how people seek to satisfy their needs and wants by making choices
8. a person who decides how to combine resources to create goods and services
12. the physical objects that someone produces
17. and Medicare programs
18. economic system that has some market-based elements and some level of government involvement
20. a set of government programs that protect people who face unfavorable economic conditions
21. money paid by the hour and for an agreed number of hours per week
24. an economic system in which the government makes all decisions on the three key economic questions
26. the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate. In addition to economics, Smith published works on moral philosophy. His economic ideas have influenced
27. the principle that limited amounts of goods and services are available to meet unlimited wants
29. payroll taxes that are used to pay for
30. the struggle among producers for the dollars of consumers

1. an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
2. describes demand that is not very sensitive to price changes
5. a latin phrase that means all other things held constant
6. a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
7. the most desirable alternative given up as the result of a decision
8. the use of resources in such a way as to maximize the output of goods and services
9. the annual deadline for filing your income taxes; usually falls on April 15
10. a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly
11. the concentration of the productive efforts of individuals and businesses on a limited number of activities
13. the knowledge and skills a worker gains through education and experience
14. the resources that are used to make goods and services
15. two goods that are bought and used together
16. something essential for survival such as food or medical care
19. tax paid out by anyone who earns an income
22. describes demand that is very sensitive to a change in price
23. something that people desire but that is not necessary for survival
25. an official IRS inspection of a tax return to make sure the income and deductions are accurate
28. the desire to own something and the ability to pay for it