Economic

The vertical axis on a supply and demand graph represents __________________.

In the labour market, workers sell their __________________ (time and skills) to employers in exchange for wages or salaries.

Adam Smith believed that the __________________ hand of competition regulates markets without the need for government intervention.

Things that people make and sell, like clothes, food, or cars, are called __________________.

In December, Myanmar imported onions from __________________ to decrease the price of local onions.

A central idea in microeconomics is the __________________, where people produce and sell what others want to buy.

Goods and services that are not necessary for survival but that people would like to have are called __________________.

When there is a surplus supply of onions in Myanmar, the price of onions __________________.

Workers use their wages or salaries to buy things in the __________________ and services market.

The study of economic activity within an entire country or the world is called __________________.

The difference between what it costs to make goods and the larger amount they can be sold for is called __________________.

The study of the economic decisions or actions of individuals, households and businesses is called __________________.

The quantity of a good or service that producers want to make and sell is called __________________.

Things people need to survive, like food, clothes, and shelter, are called __________________.

The price at which supply and demand meet in a market is called the __________________ price.