Economics

3. the study of how individuals and nations makes choices about ways to use scarce resources to fulfill their needs and wants
6. an economic system in which the government makes the major economic decisions
9. the alternative you face when you decide to do one thing rather than another
10. the price set for a good or service in the marketplace, where demand and supply are perfectly balanced
11. a location or an arrangement that allows buyers and sellers to get together and buy or sell a certain product
14. the amount of a good or service that producers are willing and able to sell over a range of prices
16. an expense that does not change no matter how much a business produces
17. the combination of all fixed and variable costs
18. a person who buys goods and services
21. the money a business receives from selling its goods or services
22. an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit

1. the amount of a good or service that consumers are willing and able to buy over a range of prices
2. a thing that can be used-natural resources, labor, capital-to make goods or services
4. situation in which supply of the good or service available is less than the demand for it
5. efforts by different businesses to sell the same good or service
7. an expense that changes depending on how much a business produces
8. the situation of not having enough resources to satisfy all one's wants
11. an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
12. the cost of the next-best use of time or money when choosing to do one thing or another
13. a market economy that has elements of command and tradition
15. a person or business that provides goods and services
19. desire individuals or nations have that can be met by getting a good or service
20. situation in which the amount of a good or a service supplied by producers is greater than the amount demanded by consumers