Easy Squeezy

4. A special type of inferior good which has a positive relationship between price and quantity demanded.
7. Statements that are based on opinion.
8. The benefit obtained by consumers from purchasing a commodity at a particular market price.
10. The change in the combination of goods purchased due to a change in relative prices.
12. In this system, prices are determined by the market mechanism(the forces of demand and supply)
13. The cost of one choice in terms of the next best alternative
15. The majority of decision-making is undertaken b a central planning authority

1. The satisfaction a consumer receives from consuming an extra unit of a commodity
2. good characterised by an inverse relationship between price and quantity demanded and a positive relationship between demand and consumer income.
3. The locus of all the possible combinations of two or more goods which yield the same level of satisfaction to the consumer
5. There are not enough resources to meet the needs of all economic agents
6. For the output of one good to increase the output of the other good must fall
9. Statements which address matters of fact.
11. A system where some decisions are made by the the state and some by the private sector
14. Possibility Frontier/A macroeconomic tool that represents the point at which an economy is most efficiently producing its goods and services.