Economics

2. Physical objects you can buy
5. Market structure with many buyers, one seller, complete control over price, and no opportunity to enter the market
7. money left over after costs have been subtracted from revenues
8. Actions or activities that are performed for a fee
9. CONSUMERS’ WILLINGNESS AND ABILITY TO BUY AN ITEM AT A GIVEN PRICE IN MARKET
14. business that is owned and managed by a single person
16. not enough resources to meet demand/satisfy our wants
17. A publically traded company that is owned by stockholders

1. COSTS DON’T CHANGE AS YOUR LEVEL OF OUTPUT CHANGES
3. THE WILLINGNESS AND ABILITY OF A PRODUCER TO PRODUCE OR SELL A PRODUCT
4. study of how people use scarce resources to make choices to satisfy their wants/needs
6. Next best alternative option
10. THESE COSTS CHANGE AS YOUR LEVEL OF OUTPUT CHANGES
11. Father of modern economics
12. HOW RESPONSIVE ARE CONSUMERS AND PRODUCERS TO PRICE CHANGES
13. Any human-made resource that is used to create other goods and services.
15. Type of economy where Individuals own the factors of production