Basic micro economics

8. it represents the satisfaction or pleasure derived from consuming goods and services.
11. it measures the how much the quantity demanded or supplied responds to price changes.
12. this greek word refers to system or management
14. isa market strcture where one firmcontrols the entire market supply of a good or service.
15. price the quantity demanded eqauls the quantity supplied.
16. this greek word means household
20. buys products and sell resources
25. refers to foregone value of the next best alternative.
27. refers to the market scenario where multiple firms offer similar products,driving prices down.
29. this can replaced another good.
30. this is a difference between what producers receive and the minimum they are willing to accept.

1. father of economics
2. individual decision
3. buys resources and sell products
4. this is used together with another goood, such as printers and ink.
5. the compensation for labor redered is called
6. the person who manages all the factors of production.
7. creation of firms by an output
9. cost or benefits of a transaction that affect third paties not involved in the transaction.
10. one whose demand decreases as consumer income rises.
13. service consumers are willing to purchase at a given price.
17. service that producers are willing to sell at a given price.
18. economy as a whole
19. anything that has functional value
21. owned by the states
22. one whose demand increases as concumer income rises.
23. this is the production toward satisfaction of human needs and wants.
24. man-made goods used in productio of other goods and services.
26. involves sacrificin one good ot service for nother when resources are limited.
28. limited resources