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What are the basic terms of Economics?

The terms "supply" and "demand" are two of the most basic and most often used terms in economics, according to The Economist website. Supply and demand are market forces which determine the direction in which the economy moves. Supply refers to how much of a given product or service is available.

What does the term economy mean?

Definition of economy. (Entry 1 of 2) 1 : the structure or conditions of economic life in a country, area, or period also : an economic system.

What is economic terminology?

Basic Economic Terms and Vocabulary Words capital goods - items a business uses to produce goods or services to sell to consumers; examples include manufacturing... commodity - raw material (like crude oil or iron ore) or agricultural product (like unprocessed wheat or corn) purchased... consumer - ...


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