1. 2. A cost or benefit imposed on people other than the consumers and producers of a good or service
  2. 8. A curve or schedule showing the various quantities of a product sellers are willing to produce and offer for sale at possible prices during a specified period of time, ceteris paribus
  3. 9. Human made goods that are used to produce other goods and services
  4. 10. A mechanism that uses the forces of supple and demand to create an equilibrium through rising and falling prices
  5. 13. The principle that the opportunity cost increases as production of one output expands
  6. 16. Any arrangement in which buyers and sellers interact to determine the price and quality of goods and services exchanged
  7. 17. A market condition existing at any price where the quantity supplied is greater than the quantity demanded
  8. 19. The mental and physical capacity of workers to produce goods and services
  9. 20. A market condition existing at any price at where the quantity supplied is less than the quantity demanded
  10. 21. The condition in which human wants are forever greater than the available supply of time, goods, and resources
  11. 22. The ability of an economy to produce greater levels of output, represented by an outward shift of its production possibilities curve
  12. 23. A legally established maximum price a seller can charge
  1. 1. A movement between points along a stationary supply curve, ceteris paribus
  2. 3. An examination of the effects of additions to or subtractions from a current situation
  3. 4. A curve that shows the maximum combinations of two outputs an economy can produce in a given period of time with its available resources and technology
  4. 5. The branch of economics that studies decision making for the economy as a whole
  5. 6. The body of knowledge applied to how goods are produced
  6. 7. A good or service with two properties (1) users collectively consume benefits and (2) there is no way to bar people who do not pay (free riders) from consuming the good or service
  7. 11. A situation in which market equilibrium results in too few or too many resources used in the production of a good or service. This inefficiency may justify government intervention.
  8. 12. The branch of economics that studies decision making by a single individual, household, firm, industry, or level of government
  9. 14. A legally established minimum price a seller can be paid
  10. 15. The accumulation of capital, such as factories, machines, and inventories, that is used to produce goods and services
  11. 18. A market condition that occurs at any price and quantity at which the quantity demanded and the quantity supplied are equal
  12. 24. Any natural resource provided by nature that is used to produce goods and services