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6. The next best alternative forgone
- Choice Left
- Opportunity Cost
- Opportunity Choice
7. The quantity a producer is willing and able to produce at a given period
8. Measure of consumer welfare: The maximum price a consumer is willing to pay for a good minus the market price
- Surplus
- Consumer Surplus
- Producer Surplus
9. Where free market outcomes lead to major problems for society, usually inefficiency
- Market Failure
- Market
- Subsidy
10. the amount a person recieves before all deductions are taken into account
- Gross Income
- Net Income
- Income Tax
11. The quantity buyers are willing to pay at a given price per period of time
- Demand
- Supply
- Quantity Demanded
12. The amount of money a firm recieves when selling its products
- Total Revenue
- Total Cost
- Total Income
13. When a firm has more than a 25% of the market share
- Monopolization
- Monopoly Power
- Monopoly
14. Measures the responsiveness of the quantity demanded to a cange in the price of a good.
- Factors Which Shift the Equilibrium
- Price Elasticity of Demand
- Factors Which Shift Supply
15. Organizations owned and run by individuals or groups. Main aim to get as bigger profit as possible
- Mixed Sectors
- Private Sector
- Public Sector
16. The responsiveness of quantity supplied to a change in price
- Price Elasticity of Supply
- Price Elasticity of Demand
- Cross Elasticity of Demand
17. Measure of producer welfare: the surplus of market price received over the minimum price the producer would be prepared to accept
- Surplus
- Producer Surplus
- Consumer Surplus
18. A situation where there is only one firm selling in a market
- Monopolization
- Monopoly
- Monopoly Power
19. Goods for which the demand falls for which the demand falls when income rises
- Plastic Goods
- Inferior Goods
- Normal Goods
20. The fall in QD due to a rise in price
- Contraction of Demand
- Extension of Demand
- Income
