Fill in the Blanks Basic Economic Terms (lectures)Online version Academic Talk (ECONOMICS) - lesson 03 by Филипп Леонидович 1 resources goods economics value economy service demand supply market price cost allocation Scarcity 1 . The of production includes both fixed and variable expenses , which companies must manage efficiently . 2 . The labor dynamics have shifted significantly due to technological advancements and globalization . 3 . of resources necessitates the need for efficient allocation and prioritization in economic planning . 4 . The perceived of a product can greatly influence consumer purchasing decisions , often more than the actual price . 5 . Efficient of resources is a key topic in environmental economics , particularly in the context of sustainable development . 6 . In our seminar today , we'll explore the fundamental principles of , including how markets operate and the role of government intervention . 7 . Manufactured , such as electronics and automobiles , are essential components of international trade . 8 . We will analyze how changes in production technology can increase and affect market prices . 9 . The professor emphasized the importance of understanding how fiscal policies can stabilize an during a recession . 10 . The guest lecturer explained how consumer preferences and income levels drive for luxury goods . 11 . Natural , such as oil and minerals , are vital for the industrial sector and overall economic development . 12 . The sector , including healthcare and education , plays a significant role in the modern economy . 13 . Setting the right for a new product involves analyzing competitors and understanding market demand .
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