Economics 11

2. – The total amount of a good or service that producers are willing and able to sell at different price levels.
3. Cost – The value of the next best alternative foregone when making a decision.
5. Paribus – A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable.
9. Elasticity of Demand – A measure of how much the quantity demanded of a good changes in response to a change in price.
10. – The study of how individuals, businesses, and governments allocate scarce resources to satisfy their needs and wants.
11. – The quantity of a good or service that consumers are willing and able to buy at different price levels.
13. – An individual or group that purchases goods and services for personal use.
15. – A group of businesses that produce similar goods or services.
17. Economies – An economic system where the government makes all production and distribution decisions.
18. – The human effort, both physical and mental, used in the production of goods and services.
19. – A place or system where buyers and sellers interact to exchange goods, services, or resources.
21. Good – A good that is considered harmful to society and is often over-consumed (e.g., cigarettes, alcohol).

1. – The inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.
4. – The condition in which individuals who are willing and able to work cannot find jobs.
6. Market – An economic system where prices and production are determined by unrestricted competition between privately owned businesses.
7. Control – Government regulations that set a maximum (price ceiling) or minimum (price floor) price for goods and services.
8. – An individual or business that creates goods and services for sale.
12. Good – A good that is beneficial to society and often under-consumed without government intervention (e.g., education, healthcare).
14. – The fundamental economic problem of having limited resources to meet unlimited wants and needs.
16. – A financial aid or support provided by the government to encourage the production or consumption of a good or service.
20. – A mandatory financial charge imposed by the government on individuals or businesses to fund public services.