economics

1. products that increase the use of other products; products related in such a way that an increase in the price of one reduces the demand for both
3. principle that more will be offered for sale at higher prices than at lower prices
5. branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
9. something that motivates
10. production period long enough to change the amount of variable and fixed inputs used in production
12. case of demand elasticity where the percentage change in the independent variable (usually price) causes a less than proportionate change in the dependent variable (usually quantity demanded or supplied)
16. type of elasticity in which a change in the independent variable (usually price) results in a larger change in the dependent variable (usually quantity demanded or supplied)
17. product total output or production by a firm
18. combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment
21. situation where quantity supplied is greater than quantity demanded at a given price.
23. broad category of fixed costs that include interest, rent, taxes, and executive salaries
24. the monetary value of a product
25. competing products that can be used in place of one another; products related in such a way that an increase in the price of one increases the demand for the other

2. electronic business or exchange conducted over the Internet
4. a graph that shows the quantities supplied at each and every possible price in the market
6. situation where quantity supplied is less than quantity demanded at a given price
7. production period so short that only variable inputs (usually labor) can be changed
8. that portion of a change in quantity demanded caused by a change in a consumer’s income when the price of a product changes
11. fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill gases, fish oils, and other waste
13. government payment to encourage or protect a certain economic activity
14. system of allocating goods and services without prices
15. extra output due to the addition of one more unit of input
19. graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time
20. amount of a product offered for sale at all possible prices in a market at a given point in time
22. costs of production that do not change when output changes