economic problem
fundamental problem of economics, satisfying unlimited wants with limited resources
economic crisis
sharp deterioration in economic situation and perspectives
scarcity
fundamental problem of economics where there are limited resources to fulfill society's unlimited wants
economic calculation problem
critique of central economic planning proposed by Ludwig von Mises
economic bubble
economic phenomenon of very high prices driven by speculation
underdevelopment
condition when resources are not used to their full socio-economic potential
Demographic trap
High fertility and declining mortality in developing countries
inflation
rise in price level in an economy over time
excess demand
economic demand that exceeds supply