2.2 vocab

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Across
  1. 3. of Supply and Demand: An economic theory that, assuming a free and efficient market, explains the interaction between the buyers and sellers of an item, and how price motivates supply and demand, meaning generally when the price of an item increases, supply increases and demand falls, and when the price decreases, demand increases and supply falls.
  2. 6. of Supply: As the price of a good or service increases, the supply for that good or service will increase, and conversely, as the price of that same good or service decreases, the supply of it decreases.
  3. 8. Market: A situation when economic conditions make it favorable to buyers versus sellers, giving buyers an advantage in price negotiations, usually due to excess supply versus demand.
  4. 12. This occurs when the quantity demanded exceeds the quantity supplied.
  5. 13. Quantity: Occurs when the quantity of a product is purchased and sold at the equilibrium price.
  6. 14. Demand: There is a large change in the demand of a product or service, based on the change of an economic factor, like price.
  7. 15. The rivalry between companies selling similar products and services, competing to attract customers with limited dollars to spend.
  8. 18. A market where one company controls the supply of a good or service, where other options for consumers aren't readily available, and where the barriers to entry for other companies are highly restrictive.
  9. 19. A momentary state or condition where the quantity of a product supplied equals the quantity demanded for the same product.
Down
  1. 1. Market: A situation when economic conditions make it favorable to sellers versus buyers, giving sellers an advantage in price negotiations, usually due to excess demand versus supply.
  2. 2. An economic system where companies are privately-owned, versus being owned by the government, and that assumes companies are built with a purpose of creating economic value through innovation, driven by a profit-motive, and where prices are set by the market via the ebb and flow of supply and demand.
  3. 4. This occurs when the quantity supplied exceeds the quantity demanded.
  4. 5. Demand: There is a small or no change in the demand of a product or service, based on the change of an economic factor, like price.
  5. 7. Market: An economic system, also called a market economic system, also called private enterprise, where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulation.
  6. 9. Elasticity: The degree to which the demand for a product changes based on changes in the price of the product.
  7. 10. of Demand: As the price of a good or service increases, the demand for that good or service will decrease, and conversely, as the price of that same good or service decreases, the demand for it increases.
  8. 11. A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in economic factors, like price.
  9. 16. Utility: Something’s usefulness and the degree to which wants are satisfied.
  10. 17. Price: The actual price where the quantity demanded equals the quantity supplied.