Economics

2. analysis an examination of the additional benefits of an activity compared to the additional costs of that activity.
4. in short supply
7. is an economic system where few restrictions are placed on business activities and ownership.
8. an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.
10. the lowest remuneration that employers may legally pay to workers. Equivalently, it is the price floor below which workers may not sell their labor.
11. is a market form in which a market or industry is dominated by a small number of sellers
12. is a situation when the price charged is more than or less than the equilibrium pricedetermined by market forces of demand and supply.
14. all means of production are owned in common, rather than by individuals. It was envisioned by Karl Marx.
15. excess demand is when the demand for a product or service exceeds its supply in a market.
16. is the amount of an asset or resource that exceeds the portion that is utilized.

1. a range of economic and social systems characterised by social ownership and democratic control of the means of production, as well as the political ideologies, theories, and movements that aim at their establishment.
3. a policy or attitude of letting things take their own course, without interfering.
5. the state of being useful, profitable, or beneficial.
6. is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply.
7. level of employment rates where there is no cyclical or deficient-demand unemployment.
9. is the use of monetary or fiscal policy changes to kick start a lagging or struggling economy. Governments can use tactics such as lowering interest rates, increasing government spending and quantitative easing, to name a few, to accomplish this.
13. market structure characterized by a single seller, selling a unique product in the market.
15. benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction.