1. 4. the portion of income not spent on current expenditures
  2. 6. anything that helps us produce things faster, better or cheaper
  3. 9. of the same or a similar kind or nature
  4. 11. individual's ordering of various outcomes
  5. 13. the point where individuals have no particular preference for either one good or another based on their relative quantities.
  6. 14. the point when the marginal utility of any activity is zero.
  7. 16. out-of-pocket costs—payments that are actually made.
  8. 18. level playing field where everyone has the same access to the same wealth
  9. 19. condition or state in which economic forces are balanced
  1. 1. it is representation of economy as a heterogeneous and proliferative social space.
  2. 2. curve. the maximum amount of one commodity X obtainable for any given amount of another commodity Y, and vice versa
  3. 3. It refers to people's decisions about sharing and using those resources
  4. 5. one unit which participate in production mechanism
  5. 7. a rational consumer always prefers more of a good as it offers the consumer a higher level of satisfaction.
  6. 8. the process of capital formation by a firm or increase in the stock of existing capital stock
  7. 10. occurs when a good's quantity demanded or supplied changes even though the price remains the same.
  8. 12. income that a firm receives from the sale of a good or service to its customers
  9. 15. the operation of a country’s money supply, commercial activities and industry
  10. 17. people who make or grow goods and provide services
  11. 20. the difference between the revenue received from the sale of an output and the costs of all inputs used, as well as any opportunity costs