You are welcoming a number of high-school interns spending the summer working within the Federal Financial Institutions Examination Council's (FFIEC), the interagency council that makes recommendations and provides some oversight in the banking industry. As you welcome them, you explain not only the roles and responsibilities of the FFIEC, you also describe the federal departments and agencies that regularly receive the financial information the council collects and distributes. In your presentation, you identify the five government agencies and provide a brief summary of their goals and obligations to those who participate in this nation’s financial systems.

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents