Economics Final Exam Part 1

a cost that does not change, no matter how much of a good is produced

something that people desire but that is not necessary for survival

government intervention in a market that affects the production of a good

when quantity supplied is more than quantity demanded

the desire to own something and the ability to pay for it

goods that are used in place of one another

point at which the demand for a product or service is equal to the supply

the use of fewer resources than an economy is capable of using

when quantity demanded is more than quantity supplied

the use of resources in such a way as to maximize the output of goods and services

the alternatives that we give up when we choose one course of action over another

a maximum price that can legally be charged for a good or service

statistical characteristics of populations and population segments for consumer markets

political system where the government owns and controls all resources and means of production

economic system that relies on habit, custom, or ritual

two goods that are bought and used together

the amount of goods available

something that is necessary for survival

the actions or activities that one person performs for another

the most desirable alternative given up as the result of a decision

economic and political systems that believe wealth should be distributed throughout society

a price ceiling placed on apartment rent

economic system in which decisions are based on the voluntary exchange in markets

the physical objects that someone produces

a cost that rises and falls depending on the quantity produced