Economics

3. market-based economic system with limited government involvement
5. economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
9. the amount of a good or service that consumers are able and willing to buy at various possible prices during a specifed time period
10. the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
12. Cost allocable to an output.
14. A change in a production function that alters the relationship between inputs and outputs.
16. graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
18. economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
19. the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises

1. dividing a large task into several smaller tasks to produce a better good or service
2. A similar type of good that can replace another good
4. The circular flow of income is a theory that describes the movement of expenditure and income throughout the economy
6. the study of economy wide phenomena, including inflation, unemployment, and economic growth
7. economic system in which the central government makes all decisions on the production and consumption of goods and services
8. the amount of money expected, required, or given in payment for something
11. A good that often accompanies another good.
13. Interaction of the free market forces of demand and supply to establish the general level of price for a good or service
15. the ability and willingness of producers to provide goods and services at different prices in the marketplace
17. to focus on a particular area