Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Thomas Malthus
Market Economy
An economic system where supply and demand from consumers determine the production of goods and services rather than government intervention.
Economy's Performance
An evaluation of how well an economy is doing, commonly measured by indicators such as GDP growth, unemployment rates, and inflation.
Scarcity
The basic economic issue arises from the infinite human desires facing a scarcity of resources in the world.
Limited Resources
The finite availability of resources such as time, money, and materials, which necessitates choices about their allocation.
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