market interaction between potential buyers and sellers; a combination of demand and supply

market economy an economy where economic decisions are decentralized, private individuals own

resources, and businesses supply goods and services based on demand

microeconomics the branch of economics that focuses on actions of particular agents within the economy,

like households, workers, and business firms

model see theory

monetary policy policy that involves altering the level of interest rates, the availability of credit in the

economy, and the extent of borrowing

private enterprise system where private individuals or groups of private individuals own and operate the

means of production (resources and businesses)

scarcity when human wants for goods and services exceed the available supply

specialization when workers or firms focus on particular tasks for which they are well-suited within the

overall production process
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