Economics study- Westyn haigh

3. anything that a consumer demands less of if they have a higher level of real income.
5. the degree to which a good, service or resource can be limited to only paying customers,
7. business entity that has significant market power, that is, the power to charge overly high prices, which is associated with unfair price raises.
13. The forecast or the view of economic agents about the future values of economic variable
14. economic theory that states that individuals use up resources shared by many to benefit themselves.
15. a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.
16. competition is limited, allowing every firm to operate successfully.

1. a type of market structure where many companies are present in an industry, and they produce similar but differentiated products
2. . Small producers sell nearly identical products for very similar prices.
4. the total amount of money brought in by a company's operations, measured over a set amount of time
6. as the price of a good or service rises, suppliers are eager to offer more of it, aiming to increase their profits.
8. when production and/or consumption impose external costs on third parties outside of the market for which no appropriate compensation is paid
9. the economic situation defined by an inefficient distribution of goods and services in the free market.
10. it is costly or impossible for one user to exclude others from using a good
11. federal laws that help conduct and organize businesses to prevent unjustified monopolies.
12. a type of goods whose demand shows a direct relationship with a consumer's income
17. the money you have left after paying for business expenses