Economics

3. difference between the revenue received from the sale of an output and the opportunity cost of the inputs used
6. a situation in which the quantity demanded is more than the quantity supplied
7. the effect that a change in an items price has on consumers ability to purchase goods
8. the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price
10. a rule that a government establishes and enforces to protect the public or provide equal access to specific goods and services
12. a business that another company either owns or in which it has controlling interest
14. a government regulation that sets a maximum price for a particular good
16. an effect that an economic activity has on people and business who are neither producers nor consumers of the good or service being produced
19. a government regulation that sets a minimum price for a good

1. a situation in which the quantity supplied of an item at a given price exceeds the quantity demanded
2. a cost of doing business that remains constant as production increases or decreases
4. desire and willingness to pay a price for a specific good or service.
5. a decrease in the value of a capital good because of its age, use, or deterioration.
9. the situation that exists when quantity demanded changes greatly in response to change in price
11. a required payment to a local state or national government
13. the sum of a business’s fixed costs except for wages and materials
15. the total amount of money that a company receives from selling its product, not before expenses
17. the principle that producers will supply more of a product at higher prices and less of a product at lower prices
18. any item that a supplier manufactures for consumers