Economic Terms - Define with one to two sentences. Place an in text citation after each definition and include a reference page. You may use one or more sources for this assignment. Agency costs (principal-agent theory) Balance of trade Business cycle / Boom and bust Capitalism / Socialism / Communism Command economy / Market economy / Mixed economy Comparative advantage / Competitive advantage / Absolute advantage Consumer price index (CPI) Depression / Recession Disequilibrium / Equilibrium Economies of scale / Diseconomies of scale / Law of diminishing returns Elastic / Inelastic Factors of production Federal Reserve System / Central bank Fiscal policy / Monetary policy Gross domestic product (GDP) / Gross national product (GNP) Inflation / Deflation / Hyper-inflation Laissez-faire / Invisible hand National debt Open economy / Closed economy Opportunity cost Perfect competition / Monopolistic competition/ Oligopoly / Monopoly / Monopsony Scarcity Substitute goods / Complementary goods Unemployment (cyclical, frictional, seasonal, structural) / Full employment / Natural rate of unemployment Utility / Marginal utility