Economics

3. the desire to own something and the ability to pay for it
6. If you buy much less of a good after a small price change then your demand is called _______.
8. the amount of money that a buisness receives in excess of its expensis
9. economists call this struggle among producers for the dollars of consumers ____.
12. Unresponsive products to price change
15. the study of how people seek to satisfy their wants by making choices
17. The study of economic behavior and decision making in small units

1. any arrangement that allows buyers and sellers to exchange things
2. this gives an inventor exclusive rights to a product
4. Also known as excess demand
5. A graphic representation of a demand schedule
7. The amount of a good or service that is available
10. The study of economic behavior and decision making in a nations whole economy
11. an economic system that has some market based elements and some government involvment
13. A consumer wants more of a good or service than producers are willing to make available.
14. the central government owns all resources and means of production
15. The poing of balance at which the quantity demanded equals the quantitied supplied
16. The fact that limited amounts of goods and services are available to meet unlimited wants is called?