Economics

2. any item that a supplier manufactures for consumers
4. an effect that an economic activity has on people and business who are neither producers nor consumers of the good or service being produced
11. the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price
13. a situation in which the quantity demanded is more than the quantity supplied
15. the effect that a change in an items price has on consumers ability to purchase goods
16. the sum of a business’s fixed costs except for wages and materials
17. a government regulation that sets a maximum price for a particular good
18. a situation in which the quantity supplied of an item at a given price exceeds the quantity demanded
19. a rule that a government establishes and enforces to protect the public or provide equal access to specific goods and services

1. difference between the revenue received from the sale of an output and the opportunity cost of the inputs used
3. the total amount of money that a company receives from selling its product, not before expenses
5. the situation that exists when quantity demanded changes greatly in response to change in price
6. the principle that producers will supply more of a product at higher prices and less of a product at lower prices
7. a business that another company either owns or in which it has controlling interest
8. a decrease in the value of a capital good because of its age, use, or deterioration.
9. a required payment to a local state or national government
10. desire and willingness to pay a price for a specific good or service.
12. a government regulation that sets a minimum price for a good
14. a cost of doing business that remains constant as production increases or decreases