Economics

2. a market is a place where buyers and sellers exchange goods, services, or information.
3. a reward or punishment that encourages people to behave in a certain way.
5. means the money you have left over after you subtract the cost of making something from the price you sell it for; it's like the extra money you get when you
7. the amount of a product or item that is available for people to buy
8. how much the demand for a product changes when its price changes
9. means there is more of something available than people want to buy.
12. when the price of something changes, people don't change how much they buy very much
13. means the amount of money or value you give up when you choose to do something, like buying a toy, which means you can't use that money to buy something else at the same time; it's like the "price" you pay to get something, including
14. a state where the forces of supply and demand are balanced

1. the total amount of money a business earns from selling goods or services
2. is when a single company controls the production or sale of a product or service
4. a person’s desire for a product or service.
6. means when the government limits how much of a product people can buy because there isn't enough of it to go around
7. occurs when demand for a product or service is greater than the supply at the current market price.
10. an economic strategy that involves focusing on a specific type of production to increase efficiency
11. the value or satisfaction that a person gets from consuming a product or service