Economics Final

3. Government owns some factors of production
8. The most desireable option given up when a choice is made
9. The study of choices
12. Market Structure in which only a few large sellers dominate and have the ability to affect prices in an industry
14. Quantity supplied is less than quantity demanded.
15. Refuse to work until certain demands are met
17. Monetary value of a product
18. Market Structure characterized by a single producer in a market
19. The amount of product someone is willing and able to buy over a range of price

1. A theoretically classless society where everyone works for the common good
2. Economic decisions are made by consumers (through supply and demand)
4. Price change causes a small impact in quantity demanded
5. Limitied quantity to meet unlimited demand
6. Amount of a product a producer is willing to sell at all possible prices
7. A motivating influence that causes a person to act
10. Government payment to encourage or protect a certain activity
11. mass refusal to buy products from targeted employers or companies
13. A person who works or is employed in place of others who are on strike, thereby making the strike ineffectual
16. Highest price that can be legally charged