Terminology of the economy – Economy

Terminology of the economy – Economy

Subject: Economics    / General Economics   
Question

Terminology of the economy

Define in your own words each of these terms.

NOTE: It is important that you follow this instruction to the letter. The purpose of the task is to know if you can define each concept by a clear and precise explanation. Imagine that you are going to explain each term to someone who knows nothing about economics; With this in mind, the explanation should be as clear and simple as possible.

Definitions taken literally from other sources will not be accepted and you will not get punctuation.

    Economy
    Microeconomics
    Macroeconomics
    Market
    Offer
    Demand
    Price adjustment
    Balance of the market
    Economic growth
    Human capital
    Property rights
    Opportunity cost
    Production possibilities frontier
    Goods and services
    Pending