Economics

4. something that motivates an individual to perform an action.
5. You go out drinking, you have to study for a test. You have a hangover in the morning, you fail your test.
7. decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system
12. state where economic forces such as supply and demand are balanced
14. used to describe many excess assets including income, profits, capital and goods.

1. demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply
2. Economic planning may be carried out in a decentralized, distributed or centralized manner depending on the specific organization of economic institutions.
3. An economic measure of output per unit of input. Inputs include labor and capital
6. used by Adam Smith to describe unintended social benefits resulting from individual actions.
8. the theory that an increasing consumption of goods is economically desirable; also : a preoccupation with and an inclination toward the buying of consumer goods.
9. market structure in which a small number of firms has the large majority of market share
10. total amount of a specific good or service that is available to consumers.
11. a consumer's desire and willingness to pay a price for a specific good or service.
13. a single company or group owns all or nearly all of the market for a given type of product or service