1.
In this economic law, if the supply of goods or services outstrips demand, prices will fall (Adam Smith).
2.
An economy in which all aspects of economic activity are controlled by a central authority or the state.
3.
In this economic law, multiple producers and distributors of a product keeps prices lower than if the product was made by only one producer (Adam Smith).
4.
This economic law explains that the best economic benefit for all can usually be accomplished when individuals are mostly concerned for themselves (Adam Smith).
5.
The items used to produce a good or service in order to produce income: land, labor, and capital.
6.
A branch of economics that studies the effects of psychological and social factors on decision making.
7.
cycle An economy-wide fluctuation in growth that is characterized by periods of expansion and and periods of contraction.
8.
A situation in which extra units of something produce successively smaller benefits.
9.
An economy in which decisions about production are made by private individuals and companies without government influence.
10.
A school of economic thought advocating government spending to pull economies out of recession.
11.
The study of the economy as a whole, looking at large factors like interest rates, inflation, growth, and unemployment.
12.
The study of the economic behavior of individuals and firms.
