Economics Definitions

3. An economy where resources are allocated (mostly) by the market mechanism
5. A renewable resource that is being consumed so that it will not run out
10. Goods are exchanged for other goods, as opposed to using cash
12. The amount of a good purchased at a given price in a given time period
13. The potential of not having basic necessities, like healthcare.
16. Sharing out in a given way
17. State/Government Sector
18. Money received in exchange for labour, goods or services
19. Values that are not adjusted for inflation
21. The factor of production that includes all natural resources
22. The benefits lost when not consuming the next best alternative
24. Producing a specific good/service and trading the surplus amounts
25. Resources that are not scarce, and have no opportunity cost
28. Goods that can be used in place of the other, for example, pepsi and coca-cola

1. Any convenient set of arrangements by which buyers and sellers communicate to exchange goods/services
2. An economy where resources are allocated (mostly) by the government/state
4. Someone who seeks out profitable opportunities and tries to exploit them
6. Goods that can be used and will be replaced
7. An increase in an economy's output
8. Goods that may be consumed together
9. The idea that the worlds resources are finite
11. Goods that are used to manufacture more goods/services, such as factories, machinery, etc.
14. Use of research and development to create new products, or improve old ones
15. The sector of the economy where raw materials are used to create goods/services
20. The difference between the price paid for a good/service, and the price the consumer was prepared to pay
23. Figures that have been adjusted for Inflation
26. The value that is usually known as 100, and used to compare with other values
27. The benefit gained from consuming a good/service