Price: A price is what people pay when they buy a good or service, and
what they receive when they sell a good or service.

Market Economy: A market system is an economic system in which
allocations result from individuals making decisions as buyers and
sellers.

Supply: Supply is the amount producers are willing and able to supply
at various prices.

Demand: Demand is the amount consumers are willing and able to buy at
various prices.

Market Failures: when the results of exchanges in a market are
inefficient, inequitable or unstable, for example, a monopoly and
pollution

Markets: Markets exists whenever buyers and sellers exchange goods and
services.

Consumer: Consumers are people whose wants are satisfied by using goods
and services.

Producers: Producers are people who make goods and provide services.

Choice: A choice is what an individual must make when faced with two or
more alternative uses of a resource.

Economics 2

Macroeconomics

Bank: Banks are institutions that channel funds from savers to
borrowers and investors.

Economy: an economy is the way a group of individuals or society
organizes itself to produce and allocate resources, goods, and services.

Financial institution: Financial institutions channel funds from savers
to borrowers and investors.

Production: Production is the means of creating goods and services
using productive resources (natural, capital, human, and
entrepreneurship). This can range from a single craftsperson producing a
good from beginning to end to mass production and the assembly line.

Distribution: Distribution is the way in which a nation's resources,
goods and services are allocated.

International Trade: Exchange of goods and services that takes place
between nations

Economic Welfare: the standard of living of an individual, group, or
country as measured by GDP per person

Welfare: well being of individuals as measured by the number of goods
and services each individual has

Nation: country