Terminology of the economy
Define in your own words each of these terms.
NOTE: It is important that you follow this instruction to the letter. The purpose of the task is to know if you can define each concept by a clear and precise explanation. Imagine that you are going to explain each term to someone who knows nothing about economics; With this in mind, the explanation should be as clear and simple as possible.
Definitions taken literally from other sources will not be accepted and you will not get punctuation.
- Economy
- Microeconomics
- Macroeconomics
- Market
- Offer
- Demand
- Price adjustment
- Balance of the market
- Economic growth
- Human capital
- Property rights
- Opportunity cost
- Production possibilities frontier
- Goods and services
- Pending