A patent provides protection for an invention or a design. If a competitor duplicates the device, patent laws are likely to be violated and litigation would follow.

something that, if you do not have it for a long period of time, you may die.

how quickly and easily an asset can be converted to a means of payment to make a purchase

compares the share of the total income (or wealth) in society that is received by different groups. 

are individuals or people living together as decision-making units

literally, trading one good or service for another, without using money

an exchange – giving up one thing to get something else

is a situation that arises because people have unlimited wants in the face of limited resources.

The basic economic problem is how to ______ scarce resources among alternate uses.

is the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home