2.02E Vocabulary

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Across
  1. 3. Uses goods and services to satisfy own wants
  2. 4. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
  3. 5. when demand is greater than supply
  4. 6. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
  5. 8. Those who provide human resources, natural resources, and capital goods in order for production to take place
  6. 13. amount of satisfaction a good or service will provide a customer
  7. 14. A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
  8. 15. Equal to both demand price and supply price
Down
  1. 1. The minimum price producers are willing and able to receive for a product
  2. 2. Large supply,small demand,low prices
  3. 4. The people who make or provide goods and services
  4. 7. maximum price consumers are willing and able to pay
  5. 9. when supply is greater than demand
  6. 10. The best time for producers to sell; characterized by large demand, small supply, and high prices
  7. 11. One price compared to another; the ratio between two prices
  8. 12. 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