Micro-Economics

1. The raw materials and other factors of
5. The selection of appropriate alternatives
6. A measure of the satisfaction received from consumption of goods and services
10. where or when buyers and sellers meet to trade or exchange products
11. perfect balance in supply and demand
12. the quantity and quality of human resources
13. A situation in the allocation of resources where the benefits of consuming one more unit is exactly equal to the costs or producing that good
16. Preferences for goods and services over and above human needs
20. the output of goods and services
21. Unlimited wants and needs but limited resources
22. The fee that borrowers pay to lenders for the use of their funds
24. that enter the production process

2. The Value of the next best choice
3. The study of how a given society allocates scarce resources to meet the unlimited wants and need of its individuals
4. Goods and services essential for human survival
7. The rate of increase in prices over a given period of time
8. paper bills and coins in the hands of the public
9. A good where quantity demanded increases when consumer income increases
14. A measure of the responsiveness of one variable to changes in another variable
15. A market condition where the quantity demanded of a particular good or service exceed the quantity available
17. someone who bears the risks of the business and who organises production
18. Goods or services used to produce other goods
19. the calculation involved in deciding on whether to give up one good for another
23. An economic agent that desires to purchase goods and services with the goal of maximizing the satisfaction from consumption of those goods and services