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economics,supply,demand and economic systems

carlo cordero

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2.the value of everything a seller must give up to produce a good
4.absence of the state;order derived from self-governing groups
7.Gross National Product
8.goods produced domestically and sold abroad
9.this drives the producers to supply more
10.a group of buyers and sellers of a particular good or service
12.the quantity demanded of a good falls when the price of the good rises
14.payment for labor
17.a situation in which quantity supplied is greater than quantity demanded
18.an economy that does not interact with other economies in the world
21.the total number of workers, including both the unemployed and the employed
24.the limited nature of society's resources
27.an economy that interacts freely with other economies around the world
36.in this economic system they produce their own goods based on their traditional needs
37.first to coin the term micro- and macro- economics in 1933
38.the set of assets in an economy that people regularly use to buy goods and services from other people
39.goods produced abroad and sold domestically
40.branch of economics that focuses on individual consumers and individual producers
1.the equipment and structures used to produce goods and services
3.in this economic system there is a collective ownership on properties and the state decides on major and basic products
5.an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
6.the setting of the level of government spending and taxation by government policymakers
11.the market value of all final goods and services produced within a country in a given period of time
13.two goods for which an increase in the price of one leads to an increase in the demand for the other
15.payment for land use
16.two goods for which an increase in the price of one leads to a decrease in the demand for the other
19.whatever must be given up to obtain some item
20.quantity supplied of a good rises when the price of a good rises
22.the study that focuses on the the management of scarce resources
23.is the determinant of demand
25.the economic system in which the state has the ownership on properties and decides on it
26.the study of economy-wide phenomena
28.the setting of the money supply by policymakers in the central bank
29.decentralized and with dynamic interaction between the government and the market
30.a situation in which quantity demanded is greater than quantity supplied
31.the property of distributing economic prosperity uniformly among the members of society
32.products that serves as a caprice for people to satisfy their pleasure
33.spending by households on goods and services, with the exception of purchases of new housing
34.a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants
35.the property of society getting the most it can from its scarce resources

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