Economics Terms

3. history, the study of the economic aspects of societies in the past
5. the study of the performance, structure, behavior, and decision-making of an economy as a whole.
6. surplus, an economic measure of a positive balance of trade, where a country's exports exceed its imports.
7. supply, the total amount of money—cash, coins, and balances in bank accounts—in circulation
8. trade, the exchange of goods and services between countries
9. economics, the study of the application of economic theory in optimizing the production and distribution of food and fiber.
11. productive resources, limited natural, human, and capital resources used to make goods and services
13. items that satisfy human wants and provide utility
14. of payments, an accounting of a country's international transactions for a particular time period.
16. balance of trade, when a nation imports more than it exports.
19. finance, the study of the role of the government in the economy.
20. economics, the study of the theoretical or empirical effects of environmental policies on the economy

1. growth, an increase in the production of economic goods and services, compared from one period of time to another
2. economics, the study of the labor force as an element in the process of production
4. the study of the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms
10. economics, the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues
12. development, the creation of wealth from which community benefits are realized.
15. a transaction in which no physical goods are transferred from the seller to the buyer
17. the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money
18. the decline of purchasing power of a given currency over time