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Economics--Unit 2

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4.Demand is this when a change in price results in little change in demand
8.One of the four basic principles the U.S. economic system is based on
11.When individuals and businesses decide what, how, and for whom goods and services are produced (two words)
13.He developed the Hierarchy of Needs
15.When there is only one provider of a product or service
16.The option you passed up (two words)
18.A person's desire for a product at a particular price
21.Examples of this resource are buildings, money, equipment
23.The advantage of producing more items (two words)
25.The is one of the functions of business
1.The disadvantage of producing more items (two words)
2.When resources are limited but needs and wants are not
3.Demand is this when a change in price results in a change in demand
5.Costs that change as you produce more
6.It includes natural, human, and capital (three words)
7.A few businesses control the majority of the market
9.When supply equals demand
10.This is when the government decides what is produced (two words)
12.Resources are owned by individuals rather than by the government
14.How many items producers are willing to make at different prices
17.This is when employment and output is at its maximum
19.These are costs that do not change
20.We feel we must have these to be satisfied
22.This is what you have after subtracting the costs from the revenue
24.These you must have to survive

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