Economics

4. the portion of income not spent on current expenditures
6. anything that helps us produce things faster, better or cheaper
9. of the same or a similar kind or nature
11. individual's ordering of various outcomes
13. the point where individuals have no particular preference for either one good or another based on their relative quantities.
14. the point when the marginal utility of any activity is zero.
16. out-of-pocket costs—payments that are actually made.
18. level playing field where everyone has the same access to the same wealth
19. condition or state in which economic forces are balanced

1. it is representation of economy as a heterogeneous and proliferative social space.
2. curve. the maximum amount of one commodity X obtainable for any given amount of another commodity Y, and vice versa
3. It refers to people's decisions about sharing and using those resources
5. one unit which participate in production mechanism
7. a rational consumer always prefers more of a good as it offers the consumer a higher level of satisfaction.
8. the process of capital formation by a firm or increase in the stock of existing capital stock
10. occurs when a good's quantity demanded or supplied changes even though the price remains the same.
12. income that a firm receives from the sale of a good or service to its customers
15. the operation of a country’s money supply, commercial activities and industry
17. people who make or grow goods and provide services
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