Basic Economic Principles

4. A gesture or a reward given to increase productivity or motivation.
5. A situation in which a business is the only producer of a product in a market, which prevents competition.
6. Businesses producing similar products, which often results in lower prices for consumers.
7. A business's willingness or ability to offer a good or service for sale.
8. Income received by a government or company.
9. The increased availability, or an oversupply, of a good or service; the quantity supplied is greater than quantity demanded.
14. The change in total cost of production after producing one extra unit.
16. An activity performed by a person to satisfy a consumer's demand.
17. An increase in the prices of commodities and services.
19. The value of the next best alternative that is given up when make a decision.
21. A consumer's willingness and ability to purchase a good or service.
22. A physical item that satisfies a consumer’s demand.
23. The amount of business income remaining after expenses are accounted for.
24. In economics, the condition in which the economic forces of demand and supply are balanced

1. An economic system in which a nation's trade and industry are run by private owners who seek to make a profit, rather than by the government.
2. An economy in which distribution of resources is controlled solely by the government.
3. The act of starting a business, knowing there is both risk and reward.
10. Having sufficient money to buy goods or services.
11. Letting go of one alternative to obtain another; reducing the use of a resource for one alternative in order to use more of that resource on another alternative.
12. Costs of running a business, not dependent on individual products or services.
13. An economic system that combines elements of market and command economies.
15. Having a supply of resources that is too small to meet demand.
18. Potential of financial loss and uncertainty about its extent.
20. All of the resources used to create goods and services.