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  1. 9. A Circular flow model of the economy is a graphical representation of the movement of money between three sectors.
  2. 11. a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
  3. 14. the loss of potential gain from other alternatives when one alternative is chosen.
  4. 20. Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit.
  5. 21. the exclusive possession or control of the supply of or trade in a commodity or service.
  6. 22. a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
  7. 23. free enterprise is a type of economy where products, prices, and services are determined by the market, not the government.
  8. 24. the state of being a partner or partners.
  9. 25. Absolute advantage is the ability of an individual, company, region, or country to produce a greater quantity of ...
  1. 1. the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
  2. 2. Pure competition is a term that describes a market that has a broad range of competitors who are selling the ...
  3. 3. Monopolistic competition characterizes an industry in which many firms offer products or services that are ...
  4. 4. An economic system, or economic order, is a system of production, resource allocation and ... There is no precise definition of a "mixed economy".
  5. 5. Property rights define the theoretical and legal ownership of resources and how they can be used.
  6. 6. a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.
  7. 7. a state of limited competition, in which a market is shared by a small number of producers or sellers.
  8. 8. the desire of purchasers, consumers, clients, employers, etc., for a particular commodity, service, or other item.
  9. 10. the process of concentrating on and becoming expert in a particular subject or skill.
  10. 12. a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
  11. 13. the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
  12. 15. a state in which opposing forces or influences are balanced.
  13. 16. A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.
  14. 17. the state of being scarce or in short supply; shortage.
  15. 18. a cycle or series of cycles of economic expansion and contraction.
  16. 19. a general increase in prices and fall in the purchasing value of money.