eco

2. fast-moving-consumer-good
5. The amount of money a firm receives from selling goods.
8. the type of goods typically expensive, high-end items that may signal a certain social status to others, or give pride to the owner.
11. If a firm invests in better more advanced technology, in the production process, they will be able to produce more in the same time. So the curve shifts right.
12. Shows the maximum possible output of two goods or services an economy can achieve when all resources are efficiently employed.
15. Price elasticity of supply
17. point on the curve.
19. a measurement of the relative change in one variable when another is changed
20. point inside a curve.

1. Never ending.
3. price elasticity demand
4. cost Consider the cost of any choice in terms of the next alternative given up.
6. Where a change in price causes a smaller proportionate change in demand
7. The amount of goods producers are willing to offer for sale at different price in a given period of time.
9. The price at which supply and demand are equal.
10. The difference between total revenue and total cost.
13. The amount of goods or serves that consumers are willing to buy at a given price.
14. When the government increases tax on a good such as petrol/gas, the supply shifts left.
16. Resources limited in supply.
18. Money that is paid by a government or organisation to make prices lower. Usually to encourage production of a certain good.