Economics

7. – Unequal or unfair, especially in the distribution of income or resources.
8. mobility – When resources like labour and capital can move freely between uses or locations.
9. efficiency – When resources are used to produce the goods and services most wanted by society.
11. competition – A market structure with many buyers and sellers, no barriers, and identical products.
12. – The organisation that sets and enforces laws, collects taxes, and intervenes in the economy.
14. goods – Harmful goods that are over-consumed in a free market, like cigarettes.

1. sovereignty – The idea that consumers decide what is produced through their spending choices.
2. hand – Adam Smith’s idea that individuals seeking profit can unintentionally benefit society.
3. goods – Goods that are under-consumed if left to the free market, like education.
4. failure – When the free market doesn’t allocate resources efficiently or fairly.
5. goods – Goods that are non-excludable and non-rivalrous, like street lighting.
6. information – A situation where consumers and producers have full knowledge about prices and products.
10. – Inputs used to produce goods and services, like land, labour, and capital.
13. – Costs or benefits that affect third parties not directly involved in a transaction.