1. 4. When the demand of our resources is greater than the supply of that resources as resources are limited
  2. 6. the money that a person or entity receives in exchange for their labor or products
  3. 8. a type of market structure where two or more firms have significant market power
  4. 10. a business cycle contraction when there is a general decline in economic activity
  5. 15. someone who is currently employed, but who would like and is available to work additional hours
  6. 17. a basic economic concept that describes a voluntary exchange between several parties
  7. 20. an area of the production, distribution and trade, as well as consumption of goods and services
  8. 22. the condition of one who is capable of working, actively seeking work, but unable to find any work
  9. 23. a acronym of a regional trade and economic development initiative. This agreement is among 21 countries
  10. 24. When the resources are inefficiently used or not being used to its full potential
  11. 28. a period of strong economic expansion where many businesses are operating at full capacity or above capacity
  12. 29. the total amount of a specific good or service that is available to consumers
  13. 31. the costs or value of the next best option "forgone"
  1. 1. type of unemployment where individuals have been jobless for a long time
  2. 2. type of unemployment meaning a lack of Ad, which is a Demand side factor
  3. 3. type of unemployment which means discouraged job seekers who are no longer actively seeking work
  4. 5. type of resource that workers use to produce the goods and services like machinery, tools and equipment
  5. 7. A situation where there is a single seller, selling a unique product in the market
  6. 9. the cost of borrowing money
  7. 11. the value of a nation's currency in terms of the currency of another nation or economic zone
  8. 12. the body of persons that constitutes the governing authority of a political unit or organization
  9. 13. type of change in factors affecting supply other than the price of the commodity which swifts the supply curve to the left
  10. 14. the rise in the number of unemployed people that is expected in certain industries at particular times of year
  11. 16. the efficiency of production of goods or services expressed by some measure
  12. 18. a acronym total market value of the goods and services produced by a country's economy during a specified period of time
  13. 19. A request for something
  14. 21. type of living standards which refers to our access to goods and services like health coverage and etc
  15. 25. a sum of money demanded by a government for its support or for specific facilities or services
  16. 26. people aged over 15 years who are able and willing to work. This includes people who are classified as employed & unemployed
  17. 27. when both suppliers and buyers are happy and satisfied with the price and is equally disputed
  18. 30. when people are optimistic are their economic wellbeing future