Applied economics

3. A market the structure where many firms sell similar but differentiated products
4. It is the physical and human effort exerted in production
7. When quantity demanded is greater than quantity supplied
8. An economic system where supply and demand determine prices
10. An economic system based on customs and traditions
11. The desire and ability of consumers to purchase goods
12. The goods which are identical in quantity, shape, color and packaging
13. It refers to the amount of product consumers are willing to buy at different prices
14. The final goods or services produced from the use of inputs
15. The essential of life, such as food and shelter
17. A government-imposed limit on how high a price can go
21. It refers the value of the best forgone alternative
22. course that do not change with the level of production
23. Resources that used in production process to create goods or services
28. The point where supply equals demand
30. When quantity supplied is greater than quantity demanded
34. It is studies the decision and choices of the individual units and how this decisions affect the prices of goods in the market
38. People who organize resources to produce goods
39. A market is structure dominated by a few large firms
40. A financial support from the government to lower production cost

1. Things Dad are often are sold or used together
2. A market structure with many buyers and sellers offering identical products
5. An economic system controlled by the government
6. Desires for non-essential items
9. It is the social system through which the sellers and purchasers of the commodity or service
16. A measure of how the demand changes the price
18. The process materials, equipment, and buildings used in production
19. The soil and natural resources that are found in nature and are not manmade
20. An economic system combining private and government control
24. A government-imposed minimum price for a good or service
25. It is a division of economics that is concerned with the overall performance of the entire economy
26. firms that accept the prevailing market price
27. The limited nature of resources which underlines the basic economic problem
29. The point where quantity demanded equals quantity supply
31. It is the man-made resources used in production of goods and services which include machineries and equipment
32. It is the exchanges of goods and services between buyer and seller
33. As price decreases, quantity demanded increases
35. A market structure with only one seller
36. The famous workers received for their labor
37. The amount of goods available for sale