2.02E Vocabulary

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Across
  1. 2. Any circumstance under which buyers and sellers exchange goods or services for a price
  2. 4. The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
  3. 7. price Equilibrium price
  4. 10. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
  5. 11. The maximum price buyers are willing and able to pay for a product
  6. 13. The situation that exists when supply is greater than demand
  7. 15. The best time for consumers to buy; characterized by large supply, small demand, and low prices
  8. 16. A function of relative prices that encourages producers to change and reallocate their resources; motivators
Down
  1. 1. The amount of satisfaction a good or service will provide a customer
  2. 3. price The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; equal to both the demand price and the supply price
  3. 5. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
  4. 6. The quantity of a good or service that buyers are ready to buy at a given price at a particular time
  5. 8. People who use goods and services to satisfy their wants
  6. 9. demand The situation that exists when demand is greater than supply
  7. 12. price One price compared to another; the ratio between two prices
  8. 14. The best time for producers to sell; characterized by large demand, small supply, and high prices