| A | B |
|---|
| POLITICAL ECONOMY | FIELD THAT EXAMINES POWER RELATIONSHIPS IN AN ECONOMY |
| ECONOMIST | STUDIES USE OF GOODS AND SERVICES IN CONDITIONS OF SCARCITY |
| FACTORS OF PRODUCTION | LAND/LABOR CAPITAL/MANAGEMENT |
| FEDERAL DEFICIT | WHEN GOVERNMENT EXPENSES EXCEED INCOME |
| MACROECONOMICS | STUDY OF THE ECONOMY AT THE NATIONAL/INTERNATIONAL LEVEL |
| MICROECONOMICS | STUDY OF ECONOMICS AT THE LEVEL OF THE FIRM |
| ELASTICITY/INELASTICITY | EXTENT TO WHICH DEMAND FALLS/INCREASES IN RESPONSE TO A PRICE CHANGE |
| PRODUCTS | PHYSICAL GOODS |
