the thing that you gave up because you chose something else

consumers buy more of a good when its price decreases and less when its price increases

producers supply more of a good when price increases and less of a good when price decreases

the price at which the quantity demanded and the quantity supplied are equal

control of a product or service by one company

the economic resources needed to produce goods and services (land, labor, capital, and entrepreneurship)

when consumers react to an increase in a good's price by consuming less of that good and more of other goods

a measure of the way quantity supplied reacts to a change in price

the result of quantity supplied being greater than quantity demanded

a market structure dominated by only a few large, profitable firms

the alternative combinations of two goods that an economy can produce with given resources

goods that you buy less of as income rises

fixed costs + variable costs

the legal maximum price that sellers may charge for a product

all companies produce the isame thing at the same price

a shifting curve (outward) is caused by?

a measure of how consumers react to a change in price

cost that increases or decreases depending on how much of a good is produced

government system for allocating goods and services using criteria other then price

any force that prevents firms from entering a new market

the additional cost of producing or using one more unit of a good or service

the total amount of money a firm receives by selling goods or services

measures the change in output where the last person was hired or fired

occurs when quantity demanded and quantity supplied are not in balance

a market structure in which many companies sell products that are similar but not identical