Form Utility		The graph of the relationship between price and quantity
Law of Supply		A system where the government attempts to own and
Monopolistic Competition		Unlimited wants and needs combined with limited resources
Economic Resources		When the price of a product is reduced, more of it will
Pure Competition		The point where supply and demand for a product are equal
Law of Demand		The resources and decisions are shared between the
Demand		Natural resources, capital, equipment, and labor
Demand Curve		The relationship between the quantity of a product that
Time utility		The study of the relationships between individual
Macroeconomics		The decision to use resources toward the greatest satisfaction of
Scarcity		The use of resources toward the greatest profit for the
Free Economy		A system based on independent decisions by
Private enterprise		All of the consumers who will purchase a particular
Regulated Economy		The study of the economic behavior and relationships of
Value		The relationship between price and quantity demanded
Supply		The increased satisfaction arising from making the product
Market Price		A type of market in which a few businesses offer very similar
Oligopoly		The resources are owned by individuals rather than the
Microeconomics		When the price of a product is increased, more will be
Profit Motive		The economic condition where there are many
Economic Market		The relationship between the quantity of a product consumers are
Supply Curve		A market condition where there are a large number of
Controlled Economy		A type of market in which there is one supplier offering a
Economic Utility		The amount of satisfaction a consumer receives from
Monopoly		The increased satisfaction arising from the change in