Basic Economic Concepts

What term describes the limited availability of resources?

What are tangible products and intangible actions that satisfy human wants?

What is the cost of the next best alternative foregone when making a decision?

What type of economy is based on supply and demand with minimal government intervention?

What is the economic system called that combines elements of capitalism and socialism?

Supply and Demand

What is the term for the desire and ability to purchase a good or service?

What do we call the total amount of a specific good or service available to consumers?

What is the price at which the quantity demanded equals the quantity supplied?

What happens to the demand curve when consumer preferences change?

What is it called when a change in price leads to a smaller change in the quantity demanded?

Types of Economies

What type of economy relies on customs and traditions?

What economic system is characterized by private ownership of resources and services?

What system allows the government to control major industries while allowing some private enterprise?

What is another term for a planned economy where the government makes all economic decisions?

What occurs when the allocation of goods and services is not efficient in a free market?

Financial Literacy

What is the process of creating a plan to spend your money?

What is the cost of borrowing money, typically expressed as a percentage?

What term refers to a numerical expression of a person’s creditworthiness?

What are resources owned by an individual or business that have economic value?

What do we call the allocation of resources, usually money, with the expectation of generating an income or profit?

The Role of Government in the Economy

What is the government's role in controlling or managing the economy called?

What is the process by which a government collects money from individuals and businesses?

What do we call government policies regarding taxation and spending to influence the economy?

What term refers to the management of money supply and interest rates by a central bank?

What are government payments that support specific industries or economic sectors?