Micro Economics

5. Good with a negative income effect
8. Immediate and necessary
10. The number of units of a good a consumer is willing to buy at different prices
11. Affects level of demand
12. The minimum payment necessary to bring a factor into use and maintain it in that use
13. Something is not demanded in its own right but for its contribution to the production process
16. Measures the proportional change in quantity demanded as a result of a proportional change in income
19. Process engaged in by firms who sell very close substitutes
20. A social science where scarce resources which have alternative uses are allocated
21. Goods of joint demand
24. Goods that satisfy the same need

1. The human effort involved in the production of wealth
2. One or more firms combining to eliminate competition
3. No tendency to change
4. When goods and services are sold to different consumers at varying ratios between marginal cost and price it is called price
6. When firms take into account the likely reaction of rivals
7. The removal of government controls to allow for more competition
9. Where buyers and sellers meet
14. Cost benefits associated with increasing scale
15. goods are identical
17. Costs that do not change as output changes
18. Companies agree to act together to increase profits
22. Anything provided by nature used to produce wealth
23. Provides user with a level of satisfaction