Economics 19

4. the way households and firms interact to decide the allocation of resources
6. those who undertake economic activities and make economic decisions
7. the institutions, organizations and mechanisms that influence economic behavior and determine how resources are allocated
9. the additional of individual components to arrive at a total amount
12. a product that can be used in place of another
15. firms owned by shareholders and individuals
16. an economic system where consumers determine what is produced, resources are allocated by the price mechanism and land and capital are privately owned
17. products whose demand decreases when income increases and increases when income falls
19. a product that is used together with another product
21. an economic system where the government makes the crucial decisions, land and capital are state-owned and resources are allocated by directives

1. an economic system in which both the private and public sectors play an important role
2. a situation where demand and supply are not equal at the current price
3. the study of the behaviour and decisions of households and firms, the performance of individual markets
5. the study of the whole economy
8. products whose demand increases when income increases and decreases when income falls
10. an arrangement which brings buyers into contact with sellers
11. the willingness and ability to sell a product
13. a situation where demand and supply are equal at the current price
14. the total supply of a product
18. the willingness and ability to buy a product
20. the total demand for a product