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The basic goals of utility maximization, profit maximization, and welfare maximization explain most _____________.
Time, energy, resources
The limited amount of _____________, _______________, _____________ we have for producing those things we could make for ourselves.
the most desired goods or services that are forgone in order to obtain something else
Every market transaction involves an exchange of ___________ for goods (in product markets) or _____________ (in factor markets).
the ability and willingness to see (produce) specific quantities of a good at alternative prices in a given time period.
the ability and willingness to buy specific quantities of a good at alternative prices in a given time period.
a table showing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period
a curve describing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period; it shows us how changes in market prices alter consumer behavior
goods that substitute for each other; when the price of good x rises, the demand for good y increases
goods frequently consumed in combination; when the price of good x rises, the demand for good y falls
the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands
the number of potential buyers and their respective tastes, incomes, other goods, and expectations
the market demand is determined by
determinants of market supply
technology, factor costs, other goods, taxes and subsidies, expectations, number of sellers
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