Economics

1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
2. A legal minimum on the price at which a good can be sold
4. A market structure in which a few large firms dominate a market
7. an establishment formed to carry on commercial enterprise
9. The application of scientific knowledge for practical purposes
10. a table that shows the relationship between the price of a good and the quantity demanded
14. expectations What you expect prices to do in the future can influence your buying habits today.
15. A market in which there are many buyers but only one seller.
17. A focus on a particular activity or area of study
18. total revenue minus total cost
20. A business owned by stockholders who share in its profits but are not personally responsible for its debts

1. A business owned by one person
3. Economic decisions are made by individuals or the open market.
5. A legal maximum on the price at which a good can be sold
6. Tastes Trends and fashions that are highly desirable to the consumer
8. fixed costs plus variable costs
11. the cost of producing one more unit of a good
12. the change in consumption resulting from a change in real income
13. money received especially on a regular basis for work or through investments.
16. A business in which two or more persons combine their assets and skills
17. a graph of the relationship between the price of a good and the quantity supplied
19. Price x Quantity