Micro Economics

2. Competing goods
4. Goods for which there is joint demand
5. Goods/ Goods for which an increase in income leads to a fall in demand
6. The output, or production of a good or service, per worker
8. The quantity of a product consumers are able and willing to purchase at various prices over a period of time
9. The quantity of a product that produces are willing and able to provide at different market prices over a period of time
11. Cost/ The cost of the next best alternative, which is foregone when a choice is made

1. Growth/ Change in the productive potential of an economy
2. The concentration by a worker or workers, firm, region or whole economy on a narrow range of goods and services
3. Price/ The price where demand and supply are equal
7. Surplus/ The difference between the price a producer is willing to accept and what it is actually paid
10. The amount of money that is paid for a given amount of a particular good or service
12. The difference between the total revenue of a producer and total costs
13. Demand/ The desire for a product