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1
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When prices are high consumers buy less but when prices are low consumers buy more.
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2
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A measure that is to be maximized in any situation involving choice.
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3
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A situation where quantity supplied is greater than quantity demanded.
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4
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Goods that consumers demand more of as their income increases.
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5
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The total quantity supplied by all firms in a market.
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7
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The place where supply and demand come together.
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10
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An amount of a good or service that is available.
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14
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The lowest wage an employer is allowed to pay.
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15
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A graphical representation of a demand schedule. Ceteris Paribus, All other things held constant.
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16
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The desire to own something and the ability to pay for it.
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