It states that when prices rise, the quantity of demand falls. That also means that when prices drop, demand will grow. 

(a)  

These are goods on which quantity demand at every price increases when income rises

(a)  

These are goods on which quantity demanded falls when income rises (instant noodles, canned goods, and frozen cheap foods)

(a)  

It is the relationship between the quantity of the good demanded and the price of that good.

(a)  

It  states that the higher the price of a good, the less people will demand that good.

(a)  

This is the minimum fixed price that sellers can charge 

(a)  

This is the  a legal maximum price a seller may charge for a product 

(a)  

This is the condition that exists when quantity supplied exceeds quantity demanded at the current price.

(a)  

This is the condition that exists when quantity demanded exceeds quantity supplied at the current price.

(a)  

It states that goods are scarce because there are not enough resources to produce all goods that the people want to consume

(a)  

A situation in which quantity supplied equal to quantity demanded

(a)  

It is how we allocate and efficiently use limited resources to produce commodities for the satisfaction of our unlimited needs and wants

(a)  

It means that we have limited or not enough resources and so we cannot enjoy and have all the goods and services we need and want

(a)  

It is the art to meet unlimited needs with scarce resources

(a)  

(a)   are the final users of the produced goods and services for the satisfaction of human needs and wants

(a)   use various resources in order to produce final goods and services

It is defined as being productive with the use of less inputs or resources

(a)  

(a)   study of group or people

(a)   study of state and government

(a)   study of society

(a)   study of the behavior and living organisms

(a)   recording of past events

This branch of economics focuses with the behavior of particular components like the household, businesses, and owners of production.

(a)  

This branch of economics deals with the behavior of the economy as a whole with the view to understanding the interaction between economic aggregates such as employment, inflation, and national income

(a)  

It is also called the empirical method. Based on observation, previous records, and, interviews

(a)  

(a)   predicts economic behavior on the basis of assumptions

(a)   process of reasoning from specific to general

(a)   process of reasoning from general to specific

(a)   means “what ought to be”. It involves ethics and values judgment.

“what one believes ought to be”. What is good and bad, what is true and false. What is

happening to the economy and why, without making any recommendation. Ideological

judgments. Opinion-based analysis.

(a)   “What is”. It describes facts and data in the economy. It gives

policy recommendation to positive economics.

(a)   Hunter-gather societies

(a)   people learned to plant corn and other crops. “Farming Society”

(a)   in which money is being used as a mode of exchange in buying

goods and services. (e.g. gold, silver, and copper)

(a)   where income and employment take place.

(a)   equality of proportion. Fairness must be based on actual

exchanges rather than estimated using some biological standard.

(a)   potential injustices can be caused by a monopoly of power.

(a)   good’s intrinsic characteristics

(a)   relates to how much the good can fetch in return for other goods.

(a)   to receive usury for money lent is, in itself, unjust, since it

is a sale of what does not exist

Who suggests this theory of Efficient Management translated into effective leadership?

(a)  

(a)   economic freedom

(a)   stimulating industry and developing colonial areas, soon gave rise to

powerful anti-mercantilist pressures.

(a)   combination of self-interest, private property, and competition among

sellers in markets will lead producers “as by an invisible hand” to an end that they did

not intend, the well-being of society.

(a)   absence of government control over business

(a)   in this law supply makes its own demand. Long run version – there

cannot be overproduction of goods in general for a very long time because those who produce the goods, by their act of producing, produce the purchasing power to buy

other goods

(a)   there could be no overproduction of goods relative to demand.

(British Economist) Classical Theory of Capital; Radical Economics; View of Foreign Trade; Free

Trade; Subsistence Theory of Wages

(a)  

(British Political Economist) Utilitarianism; Capital; Wage; National Wealth; Free Trade

(a)  

(British Economist) Capital; Money Supply

(a)  

(a)   is defined as the way a society organizes the production, distribution,

and utilization of good and services.

In a capitalist economy, property and businesses are being controlled and

operated by individuals.I

(a)  

The capitalist economy is unconcerned about equitable arrangements. The

argument is that inequality is the driving force that encourages innovation, which then

pushes economic development.

(a)  

The capitalist argument is that the profit incentive drives corporations to

develop innovative new products that are desired by the consumer and have demand in the

marketplace.

(a)  

In a capitalist economy, the state does not directly employ the workforce.

This can lead to unemployment during economic recessions and depressions. In a socialist

economy, the state is the primary employer.

(a)  

It is a political and economic ideology that positions itself in opposition to liberal

democracy and capitalism, advocating instead a classless system in which the means of production are owned communally and private property is non-existent or severely

curtailed.

(a)  

The government controls the major industries of the country. The government also decides

on the three economic questions for the industries. E.g. France, Italy and Sweden

(a)  

is a country in which power is held by elected representatives.

(a)  

political system, the control is unilateral and the government relies on

techniques of mass indoctrination and wins support among the people.

(a)  

includes not only territory but also the natural resources, such as minerals and fossil

fuels located on this input.

(a)  

refers to the services of workers, providing their time, skills and exerting effort to the

economy.

(a)  

This consists of the human-made tools used in the economy: machinery, computers,

buildings, vehicles, and transportation systems.

(a)  

combining together of land, labor, and capital into productive units.

(a)  

is the state in which all resources are available only in limited supply.

(a)  

goods are limited because there are not sufficient resources to produce all

goods that the people want to consume

(a)  

When factors of production are combined the output will be in a form of

(a)  

He said that scarcity might affect the future of human beings.

(a)  

describes the relationship between the price and quantity. There will be a shift

on the demand curve if one factor changes.

(a)  

can measure of how much buyers and sellers respond to changes in market

condition. It allows us to analyze supply and demand with greater precision.

(a)  

When an elasticity is small (between 0 and 1 in absolute value), we call the relation that it describes

(a)  

The percentage change in variable x is equal to the percentage change in variable y when

the coefficient is equal is equal to 1.

(a)  

can be illustrated when quantity demanded changes to no change in price.

(a)  

the quantity demanded doesn't change with a

change in price.

(a)  

the loss of potential gain from other alternatives when one alternative is chosen

(a)  

when the price of goods decreases, the consumer can afford

to buy more of it or vice versa. This simply implies that at a lower price, the

consumers have a greater purchasing power.

(a)  

It is expected that consumers tend to buy goods with a

lower price.

(a)  

movement along a demand curve is

known as a change in quantity demanded, which indicates movement

from one point to another point of the same demand curve. This is

due to a change in the price of goods and services.

(a)