Economics

2. something that is desired
5. Marshall, His most important book was Principles of Economics.
8. of Demand, fundamental principle which states that there is an inverse relationship between price and quantity demanded
9. Any items, materials and consumable substances which are sold to the consumers
11. Cost, the loss of potential gain from other alternatives when one alternative is chosen.
16. market structure where a single seller or producer
17. person who makes a purchase.
18. Economy economy in which production, investment, prices, and incomes are determined centrally by a government.
19. market supply and demand balance each other, and as a result prices become stable
23. competition when many companies offer competing products or services that are similar
24. Competition, competitive market situation where there are many sellers, but they are selling heterogeneous goods
26. a person, business, or entity that provides products or services to another entity.
28. economy type of economic system where supply and demand regulate the economy, rather than government intervention
29. the total amount of a specified product or service that is available to customers
31. a place where parties can gather to facilitate the exchange of goods and services

1. branch of economics that deals with the performance, structure, behavior, and decision-making of an economy as a whole.
3. the state of being scarce or in short supply; shortage.
4. economics concerned with single factors and the effects of individual decisions.
6. economy system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions
7. encompasses all of the activities related to the production, consumption, and trade of goods and services in an entity
10. two suppliers dominate the market for a commodity or service.
12. Scarcity, the comparison of the availability of resources between two or more entities
13. markets dominated by a small number of suppliers
14. Scarcity, resources that are fixed in supply and cannot be increased or decreased, regardless of demand.
15. the consumer's desire to purchase a particular good or service.
20. Management the process of planning, organizing, directing, and controlling the activities of a business or organization to achieve its goals and objectives.
21. study of scarcity
22. something needed to survive
25. person who sells something
27. Competition, Many firms produce identical products. Many buyers are available to buy the product, and many sellers are available to sell the product.
30. of Supply, direct relationship between price and quantity