Economics Vocab

3. The worth something has in dollars and cents
4. Natural resources provided by nature, used in the production process.
6. Things that we have that are in limited supply
8. Producers get together to illegally set prices (price fixing)
9. Makes things
13. The total revenue a firm receives from selling its products.
14. The measure of the amount of output that can be produced
15. Buys things
17. The condition of not being able to have all the goods and services one wants
19. Machines and facilities used to make a product.
21. The capacity to be useful and provide satisfaction
22. Spending and earning decisions in society
23. Activities or actions (intangible) that people buy to satisfy their wants and or needs

1. Income that a business has from its normal business activities
2. Desires that can be satisfied by consuming or using a good or service
4. The people who produce goods or provide services
5. The amount of money that is needed to pay for or buy something.
7. Few producers dominate market and produce similar or identical goods or services
10. The value a producer gives up to produce the good, cost x quantity
11. A business leader who seeks to make profits by combining resources.
12. proprietorship An unincorporated business owned and run by one individual.
16. When a company owns all of the production of something
18. Formal organization of producers that agree to coordinate prices. (Illegal)
19. A condition that arises from unlimited wants and limited resources
20. leadership Dominant firm sets price and smaller firms follow