Economy Vocabulary

1. Total revenue minus total cost.
6. Refers to the quantity of a good or service that firms are willing and able to provide.
10. The four types of resources used in the production process: land, labor, capital and entrepreneurship.
12. The market-clearing price, set where Demand equals Supply.
13. Costs Costs for a firm that don't change in the short run. These costs include rent for land and interest for capital.
14. Under supply of some good or service/The quantity demanded for that good at a certain price is more than the quantity supplied at that price
15. One of the four factors of production that includes natural resources and the surface over which the good or service is produced.

2. Cost of an economic decision in terms of the next best alternative foregone.
3. The interaction between buyers and sellers in order to exchange goods or services or buyers and sellers coming together in order to exchange a good or service.
4. As prices increase, the quantity demanded decreases, while if the price decreases, the quantity demanded for the product increases.
5. The quantity demanded by the buyers at a price.
7. Part of economics that is concerned with large-scale or general economics factors related to countries.
8. The addition of monetary and opportunity costs.
9. Over supply of some good or service/The quantity demanded for that good at a certain price is less than the quantity supplied at that price.
11. The quantity of a good or service that consumers are willing and able to buy.