Economics Words Review

1. someone who owns an unincorporated business by himself or herself
7. the cost added by producing one additional unit of a product or service.
8. a market structure where a single seller or producer assumes a dominant position in an industry or a sector
9. the additional benefit arising from a unit increase in a particular activity.
10. a tax or duty to be paid on a particular class of imports or exports.
15. an amount of something left over when requirements have been met; an excess of production or supply over demand.
18. a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
19. a condition or state in which economic forces are balanced.
20. the unemployment which exists in any economy due to people being in the process of moving from one job to another.

1. a state or situation in which something needed cannot be obtained in sufficient amounts.
2. the loss of potential gain from other alternatives when one alternative is chosen.
3. the lowest legal price that can be paid in a market for goods and services, labor, or financial capital.
4. the highest point at which goods and services can be sold.
5. resources that are the building blocks of the economy; they are what people use to produce goods and services.
6. occurs when people are unemployed at particular times of the year when demand for labour is lower than usual
11. a state of limited competition, in which a market is shared by a small number of producers or sellers.
12. unemployment resulting from industrial reorganization.
13. a limited quantity of a particular product which under official controls can be produced, exported, or imported.
14. an association of two or more people
16. the state of being scarce or in short supply; shortage.
17. a curve based on the data of two variables representing resources between two goods