When a society is able to produce more things that people want and improve its members's standard of living. It's the same thing as growth.
An exchange where neither party is dishonest about the terms of the agreement.
The amount demanded or supplied at market clearing price
related goods, income, preferences, expectations, number of sellers, technology/training
government, resources, expectations, number of sellers, technology/training
a measure of the responsiveness of the quantity demanded or supplied of a good to a change in its price
the theory that the consumers are the main element in the economy because the decide whether something is bought or not and are therefore more important than the consumers
freedom, security, equity, growth, efficiency, and stability
the ability to engage in economic transactions, without government interference, but with government support of the institutions necessary.
the condition of having stable income or other resources to support a standard of living now and in the forseeable future
a distribution of assets, resources, and tax liability among the people in a nation or society that is considered fair and just
the same thing as economic growth but is an economic goal
a broad term that implies an economic state in which every resource is optimally allocated to serve each person in the best way while minimizing waste
an economic state with fairly constant output growth and low and stable inflation
a group of men who are appointed by the U.S. president, and confirmed by the senate, to run the federal reserve
there are 12 of these banks, each is responsible for the regulation of the commercial banks within its own particular district
a table displaying the ratios of the value of several currencies in relation to each other
the principle that potencial return rises with and increase in risk
this will offset the repair costs of a vehicle which has been involved in an accident or replace it if it's stolen
this helps you pay your medical bills when you are sick or injured
this provides money to people you leave behind when you die
this will pay you a portion if your monthly income (about 75%) until you recover if you suffer from an illness or injury that keeps you from working for an extended period of time
this helps you replace your belongings in case they are stolen or destroyed
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