What is the desire to own something and the ability to pay for it called?

What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called?

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

Corporations are in business for what?

A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes.

The study of how society manages its scarce resources.

This is the authoritative system wherein decision-making is centralized in the government or a planning committee. This kind of economy holds true in dictatorial, socialist, and communist nations

Defined as the market value of final products produced within the country

The state of not being employed or no work

Decisions are based on traditions and practices upheld over the years and passed on from generation to generation

The study of society and how people behave and influence the world around them

___________ is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

__________________ are the producing units in the economy.

If an increase in the price of good X results in a decrease in the demand for good Y (and vice versa), the goods are _____________.

Determined by the willingness and ability of producers to sell a product (a good or a service) at different prices.

an increase in the overall level of prices in the economy