economics, the study of choices based on scarcity; the sudy of the choices that people, companies, and governments make in allocating society's resources., economy, "The process or system by which goods or services are produced, sold, and bought in a county or region. A financial and social system of how resources flow through society, from production to distribution, to consumption., macroeconomics, the study of a country's overall economic dynamic. This would include the study of items such as a recession, gross domestic product, employment rate, stock market, tax policies, inflation, and national and global economies, microeconomics, the study of smaller economic units such as how economics affects individual decisions, individual consumers, families and individual businesses, personal economics, budgeting, bank accounts, how to use a credit card, scarcity, a term referring to the fact that we have unlimited wants and needs, but limited resources, resource, anything that is useful to us, limited resources, some most common examples include time, money and energy, goods, the physical stuff that is produced, needs, essential; things we must have in order to survive, wants, things we don't really need, but would like to have, opportunity costs, the cost of the next best choice, principles, includes responsibility, integrity, freedom, passion, and opportunity, market concepts, includes self interests, sunk costs, voluntary exchange, innovation, freedom to enter and compete, capitalism, an economic system based on private ownership, economic freedom, and fair competition, gross domestic product, the total value of all final goods and services produced within a nation's physical boundaries, unemployment rate, The percentage of peope in the labor force over the age of 16 who do not have jobs and are actively seeking employment, consumer price index, a measure of inflation that evaluates the change in the weighted-average price of goods and services that the average consumer buys each month, producer price index, a measure of inflation that evaluates the change over time in the prices that businesses pay each other for goods and services on a weighted average, business cycle, a periodic contraction and expansion that occurs over time in virtually every economy and business

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