economics vocab

4. level of satisfaction derived from consumption of a good
5. a cost that has already been incurred and that cannot be recovered
7. demand for a good or service remains unchanged even when the price changes
12. a good which can be used in place of another
14. a schedule of the quantities to be purchased at several different prices
17. someoen who uses goods or services to satisfy wants and needs
19. total revenue minus total cost
22. the amount of money received during a specified period
24. a change in price leads to a significant shift in demand
26. free markets coexist with government intervention
27. what you are giving up or sacrificing by turning down one opportunity inorder to take advantage of another opportunity

1. your income measured in terms of how many goods you can purchase
2. A market structure characterized by a single seller, selling a unique product in the market
3. the point at which supply is equal to demand
6. government makes all economic decisions
8. a good used in conjunction with other goods
9. Produced physical products
10. good or service people desire, but do not need to survive
11. increasing amount of one factor of production increases, an increase in productivity will only occur to a certain point
13. a state of limited competition, in which a market is shared by a small number of producers or sellers
15. very little government interference
16. someone who makes goods and services to satisfy wants and needs
18. actions performed for you
20. profits are equal to the costs
21. good or service necessary for survival
23. the demand for a good or service is greater than the availability of the good or service
25. a schedule of the quantities to be supplied at several different prices