Economics Today

4. money received, especially on a regular basis, for work or through investments.
8. A market in which there are many buyers but only one seller
9. A market structure in which a few large firms dominate a market
12. A focus on a particular activity or area of study
13. a graph of the relationship between the price of a good and the quantity supplied
14. Trends and fashions that are highly desirable to the consumer
17. Economic decisions are made by individuals or the open market.
18. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
19. The application of scientific knowledge for practical purposes
20. A legal maximum on the price at which a good can be sold

1. a table that shows the relationship between the price of a good and the quantity demanded
2. A business owned by one person
3. total revenue minus total cost
5. an establishment formed to carry on commercial enterprise
6. Price x Quantity
7. fixed costs plus variable costs
10. What you expect prices to do in the future can influence your buying habits today.
11. the cost of producing one more unit of a good
15. the change in consumption resulting from a change in real income
16. A legal minimum on the price at which a good can be sold