| 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 |
