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Let us check if you still remember the following terms that you encountered in
Economics 9. Find the given words in the Word Search and define each word.
1. scarcity
11. microeconomics
2. shortage
12. macroeconomics
3. relative scarcity
13. traditional economy
4. absolute scarcity
14. command economy
5. opportunity cost
15. mixed economy
6. trade off
16. Market economy
7. land
17. GNP
8. labor
18. GDP
9. capital
19. needs
10. entrepreneurship
20. Wants
Share
Answer:
1.scarcity-the demand for a good or service is greater than the availability of the good or service.
11.microeconomics-is a branch of economics that studies the behaviour of individual units such as households,individuals and enterprises within the economy...it's uses demand and supply as tools of analysis to study the decisions of individual entities in the economy.
2.shortage-is a condition where the quantity demanded is greater than the quantity supplied at the market price.
12.macroeconomics-is the branch of economics that studies the behavior and performance of an economy as a whole.it focuses on the aggregate changes in the economy such as unemployment,growth rate gross domestic product and inflation.
3.relative scarcity-a condition that exists when a particular resource is in short supply in one or more areas.
13.traditional economy-an economy where costumes,traditions and believes prescribe the principles of economic organization for production of goods and services.
4.absolute scarcity-a condition that exists when there is not enough of a resource in existence to satisfy existing demand for it.
14.command economy-is where a central gov.makes all economic decision.
5.opportunity cost-is the value of the next best alternative when a decision is made ;its what is given up.
15.mixed economy-is a system that combines aspects of both capitalism and socialism.
6.trade off-refers to the fact that budgeting inevitably involves sacrificing some of x to get more of y.
16.market economy-is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
7.land-the resource that incompasses the natural resources used in production.
17.GROSS NATIONAL PRODUCT-is the total value of all finished goods and services produced by a country's citizens in a given financial year,irrespective of thier location.
8.Labor-is the amount of physical, mental and social effort used to produce goods and services in an economy.
18.GROSS DOMESTIC PRODUCT-measures the monetary value of final goods and services.
9.capital(liquid assets)-cash in hand that is available for spending wether on day to day necessities on long term projects.
19.needs-is something needed to survive.something that is necessary for an organism to live a healthy life.
10.entrepreneurship-is used for an entity which has the ability to translate inventions or technologies into product or services.
20.wants-is something that is desired but not really needed or important.