Economics Review

3. The amount of money exchanged for a good or service
7. thoughts and ideas that make a business work
10. resources that come from the environment
11. The price where supply and demand meet
14. human-made resources used to provide goods and services
16. A _______ happens when the amount of money in the economy shrinks too far
18. When savers put their money in a bank account
19. a selection of an item or action from a set of alternatives
21. If there is a _________ of a good, the price will fall
22. Type of economy where decisions are based on customs
23. A tax on goods imported from other countries
24. resources that are the skills and talents provided by people
25. When banks give money at interest for large purchases
26. The amount of a good or service consumers are willing to buy

1. something used to change economic behavior
2. Type of economy that has minimal government involvement
4. If there is a shortage of a good, the price will _____
5. when the cost of goods rises faster than wages
6. what is given up when a choice is made
8. Using of goods or services
9. the inability to satisfy all wants at the same time
12. factors of production that are used in making goods and services
13. Type of economy that combines private and public ownership of resources
15. Combining of human, natural, capital, and entrepreneurship resources to make goods or services
17. The amount of a good or service a producer is willing to sell
20. Type of economy where the government controls the resources