Examlex
Deflation occurs in an economy when there is a contraction in the money supply.
Scarce Means
The limited resources available to meet unlimited wants and needs in an economy, necessitating choices and priorities.
Production
The process of creating goods and services.
Human Wants
The desires and needs of individuals or society that drive demand for products, services, and resources.
Opportunity Cost
The forgone benefit that would have been derived by an option not chosen.
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