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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