The rate percent that lenders charge their borrowers

The rate (percent) that lenders charge their borrowers for the privilege of borrowing money; Rate which is charged or paid for the use of money **Fee paid on borrowed money You may borrow money for a fee!

One who buys goods and services Consumer Spending: Percentage of Income (1995)

(CPI): an index that measures that average level of prices of goods and services typically consumed by an urban American family

The number of people who are either working or not working but are actively seeking work

per person; Per unit of population: In that year, Americans earned $15, 304 per capita. ONE PERSON

A series of numbers that show a set of prices has changed over time OR A number that compares prices in one year with some earlier base year.

Selling small quantities of goods to final consumers; selling in stores

Supply is how much there is of something Demand is how much people want to buy The relation between the two affects price! High Supply, low demand = LOW prices! We Demand the iphone!

The condition of being without a job, but actively pursuing one

GPD-a monetary measure of the production of goods and services within a country GDP = consumption + gross investment + government spending + (exports − imports)

• government owns all land property, all production and distribution is controlled by the state, in theory everyone is equal and works towards sharing wealth.

The study of the production, distribution, and consumption of goods and services

The condition of working for pay

Economic system in which the government owns and operates a country’s means of production

A economic system in which private businesses run most industries

A state of financial ruin

Any useful thing that is bought or sold

Items needed to produce other item’s; the money needed to run a business and resources

Increased prices for goods and services combined with the reduced value of money Burning money because it is worth NOTHING P r i c e s M o n e y

When you have a choice, the TRADEOFF is what you give up in order to get something!