The description of an economy by stating facts is called __________________ .

The characteristics of monopoly are ____________ represented within a capitalistic economy.

The bottled water industry has experienced ________ than the carbonated beverage industry.

People employed by a seller or an auctioneer to make bids on behalf of the seller are called _____.

Excess capacity is the amount by which the _____ exceeds the quantity that the firm produces.

For a purely competitive firm _______________; and for a uniform-price monopolist _______________ :

Items we value or desire are called Goods

A benefit from consumption that spills over to those who are not consuming the good is called

Those who combine labor, and capital to produce services are called

Entrepreneurial ability is an ability to develop new products or _____existing products and/or production processes.

When an economy gets the most out of its scarce resources is called______.