1. Economics

2. economics of an individual  is an example of microeconomics

3. opportunity cost  Is the loss of years of income resulting from the decision to go to college

4. taxes on individuals and businesses  Is where the government sector of the United States receives most of its revenues

5. Responsible credit card use  requires a full understanding of the APR A.P.R. stands for Annual Percentage Rate

6. The greatest source of revenue for the federal government is  Income taxes

7. elasticity  Is displayed on the horizontal axis of a demand curve

8. an increase in the number of suppliers  is most likely to cause the supply of a product to increase

9. state  Is the level of government that is responsible for maintaining interstate highways

10. tariffs  Countries with free trade agreements do not have these

11. consumer  Someone who buys goods and services

12. surplus  Situation in which quantity supplied is greater than quantity demanded

13. collateral  Property or valuable item serving as security for a loan

14. impulse buying  Making purchases based on emotion rather than on reason

15. disposable income  Money income left after all taxes have been paid

16. market demand  the total demand of all consumers for a product or service

17. examples of substitutes  coffee and tea

18. market supply  combined supply schedules of all businesses that provide the same good or service

19. demand elasticity  extent to which a change in price causes a change in quantity demanded

20. supply elasticity  measure of how the quantity supplied of a good or service changes in response to changes in price

21. demand  the desire, the willingness, and the ability to buy a good or service

22. minimum wage  lowest minimum amount that can be paid to most workers

23. supply curve  upward-sloping line that graphically shows the quantities supplied at each possible price

24. deficit  situation where the government spends more than it collects in revenue

25. complements  products often used with another product

26. profit  the difference between what it costs to produce something and theprice the buyer pays for it

27. opportunity costs  the benefits given up when scarce resources are used for one purpose instead of the next best purpose

28. boycotts  to refuse to buy a certain company's products or services

29. capital  anything produced in an economy that is saved to be used to produce other goods and services

30. factors of production  the resources people have for producing goods and services to satisfy their wants and needs

31. invest  to use money to help a business get started or grow with the hope the business will earn a profit

32. market price  the price at which buyers and sellers agree to trade

33. sales tax  tax levied on a product at the time of sale

34. property tax  tax on land and property

35. scarcity  the problem that resources are always limited in comparison with the wants people have

36. market economy  when private individuals own the factors of production and are free to make their own choices about production, distribution, etc

37. command economy  when the government or a central authority owns or controls the factors of production and makes the basic economic decisions

38. mixed economy  a combination of the characteristics of two or more of the three basic economic systems

39. traditional economy  when the basic economic decisions are made according to long established ways of behaving that are unlikely to change

40. free enterprise economy  when individuals in a market economy are free to undertake economic activities with little or no control by the government

41. Partnership  Is the most common type of business in the United States.