Personal Finance 1

Items a person must have to survive Needs
A system in which economic decisions are based on society’s values, cultures, and customs. Traditional Economy
Buyers and users of goods and services. Consumers
A system in which a central authority controls economic activities Command Economy
External resources such as money, time, equipment, and possessions Nonhuman resource
Qualities and characteristics people have within themselves Human Resource
Items a person would like to have but that are not essential to life. Wants
A system in which privately owned business compete for profits with the limited government regulation. Market Economy
Individuals or businesses that provide goods and services to meet demand Producers
The value of the best option or alternative given up Opportunity cost
An extended period of slow or no economic growth Recession
An extended period of economic recession Depression
A period of slow economic growth and high inflation Stagflation
Composed of people, age 16 and over, who are employed or looking for and able to work Labor Force
Taxing and spending policies of government Fiscal
Composed of workers who unite to negotiate…. Labor Union
Policies used by government to control the supply of money and credit Monetary
When a single seller is in control of the entire supply of a product or service Monopoly
When a few large companies dominate an industry Oligopoly
Laws that ensure competition by preventing monopolies and other restraints of trade Anti Trust Laws

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