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Economics



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4 firms purchase the factors of production form households.
6 the concentration of the productive efforts of individuals and firms on a limited number of activities.
7 anything that is used to determine value during the exchange of goods and services.
9 households purchase the goods and services that firms produce.
10 the struggle among producers for the dollars of consumers.
11 one's own persona gain.
12 the cost of something
13 a term used to describe the self regulating nature of the marketplace.
18 when goods price is lower consumer will buy more of it.
19 the higher the price, the larger the quantity
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1 an arrangement that allows buyers and sellers to exchange things.
2 financial gain made in transaction.
3 transforms inputs or factors of production into outputs or products.
5 the power of consumer to decide what gets produced.
8 the point at which quantity demanded and quantity supplied are equal.
14 an expectation that encourages people to bahave in a certain way.
15 the direct exchange of one set of goods or services for another.
16 owns factors of production.
17 desire to won something and the ability to pay for it.
20 the amount of goods available.
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