Economic Fundamentals

The term "invisible hand" in economics, coined by Adam Smith, refers to:

In microeconomics, the 'substitution effect' occurs when:

When a market experiences a surplus, it means that:

A 'progressive tax system' is one in which:

The concept of 'comparative advantage' suggests that:

If the price elasticity of demand for a product is less than one, the demand is said to be:

A 'monopolistic competition' market structure is characterized by:

The 'Lorenz Curve' in economics is used to illustrate:

'Human capital' refers to:

When economists speak of 'scarcity', they mean that: