Economics Vocabulary Quiz Review

The market-clearing price, set where Demand equals Supply

Factors of production

Good that is both nonrivalrous and non-excludable, and not provided by the market.

Refers to the quantity of good or service that firms are willing an able to provide.

The quantity of a good or service that consumers are willing and able to buy.

Regulations to protect consumers and marketplace determines production.

The interaction between buyers & sellers in order to exchange goods.

A period during which at least one of a firm's resources is fixed.

Government decides what products to produce and how. Products limited to necessities.

Total revenue minus total cost.

The ability of consumers to decide between two or more products.

A temporary condition - such as when a drought destroys a particular crop.