Economics

3. A focus on a particular activity or area of study
4. Economic decisions are made by individuals or the open market
10. a graph of the relationship between the price of a good and the quantity supplied
11. Trends and fashions that are highly desirable to the consumer
12. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
13. fixed costs plus variable costs
17. A legal maximum on the price at which a good can be sold
18. What you expect prices to do in the future can influence your buying habits today.
19. Price x Quantity

1. an establishment formed to carry on commercial enterprise
2. A business owned by one person
5. A market structure in which a few large firms dominate a market
6. the cost of producing one more unit of a good
7. A market in which there are many buyers but only one seller.
8. A legal minimum on the price at which a good can be sold
9. a table that shows the relationship between the price of a good and the quantity demanded
13. The application of scientific knowledge for practical purposes
14. received, especially on a regular basis, for work or through investments.
15. total revenue minus total cost
16. the change in consumption resulting from a change in real income