Economics Vocabulary

4. any form of money that is in public circulation
6. opposing or restraining a trust or a monopoly, in order to promote competition
11. Central Bank of the United States; controls interest rates on loans and controls the money supply, affecting inflation
12. Consumers determine through purchases what goods and services will be produced
14. worldwide markets in which buying and selling of goods & services by individuals, nations, and businesses takes place
16. The amount of a good or service that consumers are willing and able to buy at a certain price
17. to control, direct, or supervise
18. Things that motivate people to act a certain way
19. What is given up when a choice is made
22. earnings after all expenses have been paid
23. To hire somebody to work in exchange for money
24. Selecting an item or action from a set of possible alternatives
25. The amount of goods or services that producers are willing and able to sell at a certain price

1. Help facilitate an exchange of money between savers and borrowers.
2. Places where the prices of goods and services are determined as exchange takes place
3. A form of business organization that is recognized by law as a legal entity regardless of the number of owners. Owners share the profits and owner liability is limited to the amount of their investment
5. How resources, goods, services, and money flow continuously among households, businesses, and the government in a mixed economy
7. The using of goods and services.
8. Business owned and managed by 2 or more people who share the risks and the profits
9. Form of business organization where 1 owner takes all the risks and keeps all the profits
10. The amount of money exchanged for a good or service
13. Factors of production that are used in the production of goods and services
15. a situation in which 1 company controls an industry or is the only provider of a good or service
20. The inability to satisfy all wants and needs at the same time
21. A person who takes a risk to produce goods and services in search of a profit
22. The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services.