Econ Midterm

1. The part of economics theory that deals with behavior and decision making by individual units.
6. The fact that we rely on others, and others rely on us, to provide most of the goods and services we consume
7. A system that combines aspects of both capitalism and socialism
9. A table that shows the quantity supplied at each price
10. A business that is owned by one
14. Measures the value of goods and services
17. A business owned by 2 or more
19. Markets dominated by a small number of suppliers
21. The value of the next-best alternative when a decision is made
23. The price and quantity demanded are inversely related
25. A basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed

2. An economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses
3. A marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price
4. A table that shows the quantity demanded of a good or service at different price levels
5. Market structure where a single seller or producer assumes a dominant position in an industry or a sector
8. A graph that shows how a change in the price of a good or service affects the quantity a seller supplies
11. Condition that results from society not having enough resources to produce all the things people would like to have.
12. Resources required to produce the things we would like to have
13. A graph shows how the demand for a commodity or service varies with changes in its price.
15. A business owned by stockholders
16. When many companies offer competing products or services that are similar, but not perfect, substitutes
18. The central government dictates the level of production of goods and controls their distribution and prices
20. Budgeting inevitably involves sacrificing some of X to get more of Y
22. It describes how firms are differentiated and categorized by the types of products they sell and how those items influence their operations
24. The price and quantity are directly related