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economic study guide 2

Across
The amount of goods available
Describes demand that is very sensitive to a change in price
The principle that people may decide what, when, and how they want to buy and sell.
Two goods that are bought and used together
The change in consumption that results when a price increase causes real income to decline
Laws requiring companies to provide information about their products and services.
A good consumers demand less of when their incomes increase.
Produces offer more of a good as its price increases and less as its price falls
Down
A cost that does not change, no matter how much of a good is produced.
A Gov’t issued right to operate a business.
When consumer has the desire to own something and the ability to pay for it, that product is in
When consumers react to an increase in a good’s price by consuming less of that good and more of a substitute good.
The total amount of money a company receives by selling goods or services
The study of economic behavior and decision making in a nation’s whole economy
A factor that can change
Goods that are used in place of one another
A contrast that gives a single firm the right to sell its goods within an exclusive market.
Consumers will buy more of a good when its price lower and less when its price higher.
A good that consumers demand more of when their income increases
A license that gives the inventor or a new product the exclusive right to sell it for a specific period of time.
A Gov’t license that grants an author exclusive rights to publish and sell creative works.