Economics Semester 2

1. society not having enough resources to produce all the things people would like to have
3. market structure with only one seller of a particular product
5. excess supply
6. very responsive to price changes
8. desire to own something and ability to pay for it
9. one additional unit
13. struggle among sellers to attract consumers with the best products at lowest prices
14. private citizens own and use the factors of production in order to generate profits
16. monetary value of a product
18. grant of funds from the government
19. goods that consumers demand more of when their income increases
20. work or labor
21. capacity to be useful and give satisfaction
22. able to absorb unexpected shocks
24. fuel created from living material

2. relatively unresponsive to price changes
4. exclusive right of authors or artists to publish their work for their lifetime plus 70 years
6. another name for spillover effect
7. federal health insurance program for senior citizens
10. excess demand
11. Risk taking individual in a search of profits
12. tangible product
15. goods used in place of one another
17. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
23. group of firms that produce identical or similar products