KEYWORDS 3:

• Utility: is the benefit that is achieved when consuming an additional good.
• Maximum price: Above the price at which it cannot be traded in the market.
• Minimal price: A lower price so that it cannot be traded on the market.
• Elastic demand: Price elasticity of demand where demand varies notably according to the price of the product.
• Marginal utility: is the benefit we obtain from consuming an additional unit of a good or service.
• Saving: Part of current income that is not used for current consumption.
• Total income: They are those income received by a company in a certain period of time.
• Total cost: The total amount that a company must pay to bring its product to market.
• Fixed costs: It is one that is independent of the production activity of a company.
• Variable costs: They are those costs that vary according to the production that is developed in a company.