Economic Terms

Cash or liquid assets are considered _____________.

• Capital

• Economics

• Efficiency

• Labor

A consumer's desire to purchase goods and services and willingness to pay a price for a specific good and service.

• human capital

• demand

• want

• labor

An increase in the production of economic goods and services compared from one period of time to another.

• economizing problem

• demand growth

• economic growth

• supply growth

Encompasses a wide variety of economic laws and theories that define or explain how an economy attempts to satisfy the unlimited demand in the marketplace with limited resources.

• Economics

• Demand

• Supply

• Economic principle

Satisfying a consumer's unlimited wants and needs with limited resources.

• economic system

• economics

• demand

• supply

When all the goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.

• efficiency

• economics

• factors of production

• law of diminishing marginal utility

The facilities in a country make work and business possible such as transportation, markets, markets, and supply systems.

• labor

• land

• railroad

• infrastructure

The amount of physical, mental, and social effort used to produce goods and services in an economy.

• infrastructure

• labor

• land

• supply

All natural resources relate to __________.

• land

• sun

• trees

• land, sun and trees

Study of the economy as a whole. Big factors that influence the marketplace such as inflation, deflation, recession, and depression.

• positive economics

• macroeconomics

• microeconomics

• nomitive economics