remedial economics

2. Government policy regarding taxation and spending to influence the economy.
5. The point at which the quantity supplied equals the quantity demanded, resulting in a stable price.
11. A situation where the market does not allocate resources efficiently, often due to externalities or monopolies.
14. Goods that are non-excludable and non-rivalrous, like national defense and public parks.
15. A curve that shows the maximum feasible output combinations of two goods given available resources.
16. Achieving the maximum output from resources without wasting any.
17. Costs or benefits incurred by third parties not involved in a transaction, such as pollution.
18. A measure of how much the quantity demanded or supplied changes in response to price changes.
20. The cost of forgoing the next best alternative when making a decision.

1. The balance between two competing options, highlighting opportunity costs in decision-making.
3. A LATIN PHRASE MEANING OTHER THINGS BEING EQUAL
4. An economic system where decisions are made based on supply and demand with minimal government intervention.
6. The difference between what consumers are willing to pay and what they actually pay.
7. The difference between what producers are willing to accept for a good and the actual price they receive.
8. The additional satisfaction gained from consuming one more unit of a good or service.
9. Prices are determined by the relationship between how much of a good is available and how much consumers want it.
10. Factors that motivate individuals and businesses to act in certain ways.
12. Combines elements of market and command economies, allowing for both private enterprise and government regulation.
13. Central bank actions that manage the money supply and interest rates to influence economic activity.
19. An economic system where the government makes all decisions about production and allocation.