Economics

2. An economic system where decisions about production, investment, and distribution are made based on the interactions of individuals and businesses within a free market, rather than by central planning
6. A measure of how sensitive the quantity demanded or supplied of a good is to changes in price, income, or other factors
7. The unintended side effects or consequences of an economic activity that affect third parties, not directly involved in the activity
8. Government actions related to taxation and spending to influence the economy, often used to manage inflation, unemployment, and economic growth.
9. The rate at which the general level of prices for goods and services is rising, leading to a decrease in purchasing power.
10. The value of the next best alternative forgone when a decision is made, representing the cost of choosing one option over another

1. A market structure characterized by a large number of small firms producing identical products, with no barriers to entry or exit.
3. The fundamental economic principle that describes the relationship between the availability of a good or service (supply) and the desire for that good or service (demand), influencing prices
4. The process of increased interconnectedness and interdependence among countries, economies, and cultures through trade, communication, and technology.
5. A market structure in which a single seller or producer dominates the entire market for a particular good or service, potentially leading to reduced competition