MICROECONOMICS

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3. Compensation or benefits received for work performed or from investments. If it increases, the demand increases.
5. Financial payment by the government or tax break given to individuals, businesses, or organizations to help them.
7. Law -says that as price rises the quantity a seller is willing and able to sell will increase.
9. Total amount of income by the sale of goods or services related to the company's operations.
10. Market where a business can go and purchase resources to produce goods and services
11. Need households to sell their resources to firms so they will have the inputs required to make goods & services
14. Goods or service that consumers see as essentially the same or similar-enough to another product so that it can be used in it's place.
16. How efficient workers are. More efficient the more the supply curve will move to the right.
19. Government price control, Minimum price that can be charged, set above equilibrium price. Ex. Minimum Wage.
22. Type of Market Structure (Competition) Many small firms selling identical products.
23. Business organization; Operated by stockholders, offering limited liability but subject to more regulations and taxes
25. Type of Market Structure (Competition). Many firms selling similar but differentiated products. Companies compete on product quality, branding, and marketing
26. Action of spending funds; Spending; Money spent on a good or service.

1. Point of intersection between the market demand curve and market supply curve.
2. New inventions or innovation that most often cause s supply curve to shift right (increase)
4. Government price control, Maximum price that can be charged, set below equilibrium price. Ex. Rent Control.
6. Shifters; factors that affect the outcome of something causing an increase or decrease.
8. Business organization owned by two or more people who share profits, responsibilities, and liabilities.
12. Rule made, typically a governmental agency , to control or govern something. Often causing a supply curve to decrease
13. Goods whose use is related to the use of an associated or paired good - Ex. Peanut butter & Jelly
15. Model economists use to show the characteristics of and relationships that exist between households and businesses in the economy.
17. Type of Market Structure (Competition). A few large firms dominate the market but still compete aggressively
18. Cost of FOP’s used in the production of goods & service. If these cost become more expensive less supply!
20. Limited Liability Company ; Combines features of corporations and partnerships, offering liability protection and flexible taxation
21. Law - says that as price rises the quantity a consumer is willing and able to buy will decrease.
22. Marketplace where final goods or services are sold to household and the foreign sector.
24. Need businesses to buy resources from them in exchange for income