Economics

3. an economic system in which both the private and public sectors play an important role
7. an economic system where the government makes the crucial decisions, land and capital are state-owned and resources are allocated by directives
9. the total supply of a product
10. the willingness and ability to buy a product
12. the study of the behaviour and decisions of households and firms, the performance of individual markets
13. products whose demand decreases when income increases and increases when income falls
14. the additional of individual components to arrive at a total amount
18. the way households and firms interact to decide the allocation of resources
19. the institutions, organizations and mechanisms that influence economic behavior and determine how resources are allocated
20. the willingness and ability to sell a product

1. an economic system where consumers determine what is produced, resources are allocated by the price mechanism and land and capital are privately owned
2. a product that is used together with another product
4. firms owned by shareholders and individuals
5. a product that can be used in place of another
6. the total demand for a product
8. the study of the whole economy
11. those who undertake economic activities and make economic decisions
12. an arrangement which brings buyers into contact with sellers
15. products whose demand increases when income increases and decreases when income falls
16. a situation where demand and supply are not equal at the current price
17. a situation where demand and supply are equal at the current price