economics

5. apparent contradiction between the high value of nonessential item and the low value of an essential item
8. society not having enough resources to produce all the things people would like to have
10. system of allocating goods and services without prices
11. Political system in which the government owns some, but not all, of the factors of production
14. The value of the next best alternative given up
15. when factors of production perform only tasks they can do better or more efficiently than others
17. simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram
19. products that increase the use of other products
20. formal agreement to set specific prices or to otherwise behave in a cooperative manner

1. monetary value of a product
2. economic system in which supply, demand, and the price system help people allocate resources
3. economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention
4. illegal combinations of corporations or companies organized to suppress competition
6. principle that more will be offered for sale at higher prices in a market at a given point in time
7. measure of responsiveness that tells us how a dependent variable responds to a change in an independent variable
9. rise in general level of prices
12. also known as externalities
13. quantities that someone would be willing to buy over a range of possible prices at a given moment.
16. an inverse relationship between price and quantity demanded
18. economic and political system in which factors of production are collectively owned and directed by the state