| A | B |
|---|
| population pyramid | diagram showing break down of POPULATION by age and |
| command economy | economic system - CENTRAL AUTHORITY makes most of major economic decisions |
| equities | STOCKS that represent OWNERSHIP SHARES in the company |
| VAT - value added tax | TAX on the VALUE ADDED at every stage of production |
| Elasticity | measure of RESPONSIVENESS tells us how a DEPENDENT variable like quanity RESPONDS to an INDEPENDENT variable like price |
| marginal cost | EXTRA COST of producing one additional unit of production |
| scarcity | economic problem results from combination of SCARCE RESORCES and people's unlimited WANTS |
| inflation | RISE in the general level of PRICES |
| needs | basic REQUIREMENT for SURVIVAL, food, clothing, shelter |
| wants | way of expressing a need |
