Unit 2 Vocaubulary

2. policies in which government controls prices and/or decides the terms and conditions under which firms can participate in a market.
7. an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
8. the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity.
9. measures output per unit of input, such as labor, capital, or any other resource
11. the maximum amount of money a consumer is willing to pay for an additional good or service.
13. The assets or other financial resources available to a business
15. a law that controls the way that a business can operate, or all of these laws considered together
18. the gap between limited resources and theoretically limitless wants.
19. deals with the supply, demand, and allocation of the Earth's natural resources

1. anything that motivates a person to do something.
3. a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
4. the loss of potential gain from other alternatives when one alternative is chosen
5. difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs.
6. an increase in the production of goods and services in an economy.
10. in a given time period, by a firm, industry, or country", whether consumed or used for further production.
11. a system that combines aspects of both capitalism and socialism
12. the general body of wage earners.
14. peer-reviewed academic journal dedicated to the economics of natural and environmental resources.
16. a service or other asset used to produce goods and services that meet human needs and wants
17. the "quantity of goods or services