We use __________ to simplify reality and make things manageable.

__________________________ is conferred on an individual in an activity if he or she can do it better than other people.

Under the _______ system, people directly exchange goods or services that they have for goods or services that they want.

_______________ are pairs of goods for which a rise in the price of one good leads to a decrease in the demand for the other good.

The central bank can implement __________________ to change quantity of money in circulation to affect the level of spending in the economy.

The short-run alternation between economic downturns and economic upturns is referred to ____________________________.

In ___________________________ people trade goods and services with other countries.

A country experiences _________________________ when the value of goods and services bought from foreigners is less than the value of the goods and services sold to them.