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Model - ans a theoretical concept that looks at ho
Economic problem - ans making choices on how to al
Consumer goods - ans goods and services that satis
Absolute advantage - ans when a countrys output o
Allocative efficiency - ans where the price of a g
Capital account of the balance of payments - ans a
Current account of the balance of payments - ans
Economics - ans the study of the allocation of sca
Scarcity - ans the worlds resources are limited
The assumption that all other variables within a m
Production possibility frontier - ans
Inelastic demand - ans
Negative externality of consumption - ans
Factors influencing demand for labour demand for f
Market failures in labour markets geographical imm
Explain wage determination in competitive labour m
Backwards vertical integration - ans a joining tog
Horizontal integration - ans a joining together o
Total revenue - ans the total amount of money rece
Macroeconomics - ans the study of the economy as
Aggregate supply curve - ans the relationship betw
Injections - ans in the circular flow of income s
Gdp - ans gross domestic product measures the valu
Gni - ans gross national income measures the value
Money supply - ans stock of notes and coins plus b
Macroeconomics - ans the study of the economy as a
What is gross national income gni - ans the tot
Positive impacts of economic growth on economy as
Scarce resources - ans resources that are limited
Command economy - ans an economy in which what ho

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