Economics Vocab

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Across
  1. 4. combination of two or more companies in a single firm
  2. 5. a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service.
  3. 7. government control and regulation of the amounts charged for rented housing.
  4. 8. is a situation in which the quantity of a good or service supplied is more than the quantity demanded, and the price is above the equilibrium level determined by supply and demand
  5. 9. selling a product below cost to drive competitors out of the market
  6. 10. the lowest wage someone can earn per hour
  7. 11. a formal organization of producers that agree to coordinate prices and production
  8. 13. point of balance
  9. 15. a situation where internal and/or external forces prevent market equilibrium from being reached or cause the market to fall out of balance
  10. 16. a market structure in which many companies sell products that are similar but not identical
  11. 17. an agreement among firms to charge one price for the same good
  12. 19. laws that encourage competition in the market place
  13. 20. the removal of regulations or restrictions, especially in a particular industry.
Down
  1. 1. an amount of something left over when requirements have been met; an excess of production or supply over demand.
  2. 2. an established lower boundary on the price of a commodity in the market.
  3. 3. any action carried out by the government or public entity that affects the market economy with the direct objective of having an impact in the economy, beyond the mere regulation of contracts and provision of public goods.
  4. 5. the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are absent and the market price of a commodity is beyond the control of individual buyers and sellers.
  5. 6. a series of competitive price cuts that lowers the market price below the cost of production
  6. 11. an agreement among firms to divide the market, set prices, or limit production
  7. 12. a situation in which the market demand for a commodity is greater than its market supply, thus causing its market price to rise.
  8. 14. like a cartel, and illegal grouping of companies that discourages competition
  9. 18. a market structure in which a few large firms dominate a market