Inflation - The rate of increase in prices over a given period of time. , Scarcity - The gap between limited resources and theoretically limitless wants, Unemployment Rate - (Unemployed ÷ Labor Force) x 100, Special Agencies - These directly create, implement laws and monitor its application in the organization., Interest Rate - The amount a lender charges a borrower and is a percentage of the principal., Lobbying - Communicating with any official in the legislative or executive branch for the purpose of attempting to influence legislative or administrative action or a ballot issue, Opportunity Cost - The potential benefits an individual, investor, or business misses out on when choosing one alternative over another, Competition - A scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix, Monopoly - A market structure characterized by a single seller, selling a unique product in the market., Export - A product or service produced in one country but sold to a buyer abroad, GDP - A monetary measure of the market value of all the final goods and services produced in a specific time period, Oligopoly - A market characterized by a small number of firms who realize they are interdependent in their pricing and output policies., Supply and Demand - Relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy, Profits - The difference between the revenue received from the sale of an output and the costs of all inputs used, Import - A good or service bought in one country that was produced in another, Businesses - Who must follow the laws of governments’ to run things smoothly and making sure there is a level playing field, Trade Union - They work to find the common issues of organizations and present reports, holds dialogue to discuss them with government bodies, Chamber Of Commerce - A local association to promote and protect the interests of the business community in a particular place, Tax Incentives - Indirect approach to shaping the activities of business organizations, Government - A balanced relationship between ___________ and businesses is required for the welfare of the economy and the nation,

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