Microeconomics

4. one of the firm's basic objectives to balance interest of firms and its stakeholders
7. Goods that people do not prefer more of
8. refers to a period in which at least one of the factors of production is a fixed factor.
12. A district or region specializes in producing a particular good or in a particular stage of a good
13. Next best alternative forgone
17. Expansion into the same stage of production/ the production of the same product.
19. Demand decreases as income increases
21. Non-rival in consumption and non-excludable in consumption
22. A maximum price on a good set by the government
23. When a single firm can supply the good to the whole market at a cost lower than 2 or more firms.
24. Interdependence of firms on pricing strategy would cause this to happen.
25. Resource allocation and Income distribution determined by Price Mechanisms

1. Large firms enjoy this when they use more advanced machinery to lower average cost of production
2. Goods used in a production process to produce other goods and services
3. It exists when it is difficult for new firms to enter the market
5. Exclusive right to use, exclusive right to receive income, right to transfer
6. One source of capital of firms that has a fixed maturity date
9. One of the basic economic problems in determining the method of production
10. An unlimited liability firm that do not need to disclose financial information to the public
11. Requires consent of others when transferring shares, but lacks continuity
14. Refers to a situation in which resources available are not enough to satisfy all people’s wants
15. The ability of a firm to dominate the market
16. The change in the total cost brought about by a change in 1 unit of the total output
18. Expansion of a firm into a production of totally different goods.
20. A method to control the quantity rather than the price