______________________________ are bonds issued by the state and local governments.
municipal bonds
The ________________________ states that the quantity demanded of a good or service varies inversely with its price.
Law of Demand
The _________________________ is the part of the economy that involves the transactions of the government.
public sector
___________________________ is a measure of the amount of output produced by a given amount of inputs in a specific period of time.
productivity
________________________________is the social science that deals with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources.
economics
A __________________________ is a graph of the quantity supplied of a good at different prices.
supply curve
One characteristic of capitalism is ______________________ which is the acct of buyers and sellers freely and willingly engaging in market transactions.
voluntary exchange
The _______________________________ is the dollar value of all final goods and services, and structures produced within a country’s borders in a 12-month period.
Gross Domestic Product
_________________________ is money that has an alternative use as an economic good.
commodity money
People face________________ , or alternative choices, whenever
they make an economic decision.
