Micro-Economics

3. it is limited goods or services, limited time, or limited abilities to achieve the desired ends.
7. Entities who determine the market demand
11. the secret sauce that combines all the other factors of production into a product or service for the consumer market.
13. the consumers' desire and willingness to pay for a product or service at a given price and time
14. typically refers to money.
16. measures the responsiveness of one economic variable to a change in another.
17. the use of goods and services by households.
20. is a measure of the responsiveness of the quantity demanded of a good to a change in its price.

1. any expenses that change based on how much a company produces and sells.
2. a business organisation such as a corporation that produces and sells goods and services with the aim of generating revenue and making a profit.
4. It is a social science where individual, firms and the society deals with limited resources and unlimited needs and wants.
5. the amount of money, property, and other transfers of value received over a set period of time in exchange for services or products.
6. the process of making or manufacturing goods and products from raw materials or components.
8. an expense that does not change when sales or production volumes increase or decrease.
9. used to predict what customer demand will be for a product or service, with varying levels of specificity.
10. the rate of increase in prices over a given period of time.
12. the amount gained by selling a product, and it should be mor
15. the effort expended by an individual to bring a product or service to the market.
18. refers to the number of goods and services suppliers can make available at a particular price.
19. the amount of money that a buyer gives to a seller in exchange for a good or a service.