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3.Increasing interest rates to reduce demand and reduce inflation.
7.Consumers expect a new tax will increase house prices. There is an increase in the demand for housing before the tax starts.
11.It is a special type of labour – the creativity of individuals to seek profits by combining resources to create new or existing goods/services.
12.Development of new method of producing cars reduces costs and supply of cars increases.
13.For no apparent reason, consumers want scooters and demand increases, but after a while the fad dies and demand declines.
15.A decline in the price of tomatoes causes farmers to increase the supply of cucumbers.
16.The other things that make life more comfortable but are not necessary for survival.
17.The physical plant, machinery and equipment used to produce other goods.
18.The mental and physical capacity of human workers to produce goods and services.
19.An increase of the tax on tobacco companies reduces the supply of cigarettes.
21.A decline in the birth rate reduces the demand for baby clothes
22.The principle that there is an inverse relationship between the price of a good or service and the quantity buyers are willing to purchase in a defined time period, ceteris paribus.
23.Being without a job and wanting a job.
1.The market value (final price/cost) of all goods and services produced (made) in a country during a certain time (usually a year). This tells us about the country's economy and how much money has been made that year.
2.The principle that there is a direct relationship between the price of a good and the quantity sellers are willing to offer for sale in a defined time period, ceteris paribus.
4.The essentials required in order to survive such as air, food, clothing and shelter.
5.The process by which the world is becoming increasingly interconnected as a result of massively increased trade, communication and cultural exchange.
6.A shorthand expression for resources provided by nature. These resources can be found above or below ground and include forests, oceans, fish, air, sun.
8.A reduction in the price of tea decreases the demand for coffee.
9.The price in a market where the demand and supply are equal. This means there are no surpluses or shortages.
10.When government increases or decreases tax to affect inflation, or spends money on projects to create jobs for the unemployed.
14.deciding how to allocate society’s scarce resources to the production of goods and services in order to satisfy unlimited wants.
20.An increase in the general (average) price level of goods and services in the economy.

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