Economy Vocabulary

2. The quantity of a good or service that consumers are willing and able to buy.
4. Costs Costs for a firm that don't change in the short run. These costs include rent for land and interest for capital.
7. Part of economics that is concerned with large-scale or general economics factors related to countries.
8. The quantity demanded by the buyers at a price.
10. Refers to the quantity of a good or service that firms are willing and able to provide.
12. Over supply of some good or service/The quantity demanded for that good at a certain price is less than the quantity supplied at that price.
15. Cost of an economic decision in terms of the next best alternative foregone.

1. One of the four factors of production that includes natural resources and the surface over which the good or service is produced.
3. The market-clearing price, set where Demand equals Supply.
5. The addition of monetary and opportunity costs.
6. The four types of resources used in the production process: land, labor, capital and entrepreneurship.
9. As prices increase, the quantity demanded decreases, while if the price decreases, the quantity demanded for the product increases.
11. The interaction between buyers and sellers in order to exchange goods or services or buyers and sellers coming together in order to exchange a good or service.
13. Under supply of some good or service/The quantity demanded for that good at a certain price is more than the quantity supplied at that price
14. Total revenue minus total cost.