Economics

4. a measure of the responsiveness of the quantity demanded to a change in price.
8. taxes on goods and services.
10. when two or more firms agree to sell a product at the same price.
11. the price where demand and supply are equal.
12. when a change in price has no effect on the quantity supplied.

1. when products are produced at the lowest possible cost and making full use of resources.
2. market forces resulting in an inefficient allocation of resources.
3. an increase in the average age of the population.
5. a payment to the government.
6. those who are not directly involved in producing or consuming a product.
7. an economy in which both the private and the public sectors play an important role.
9. the addition of individual components to arrive at a total ammount.