ch2 lesson 6

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Across
  1. 4. The specific amount of a product bought and sold at the equilibrium price
  2. 5. a state in which the quantity of a good or service supplied exactly matches the quantity demanded at a specific price. In this state, there is no surplus or shortage, and prices remain stable unless an external factor shifts supply or demand.
  3. 8. are government-mandated legal limits on how high or low a price can be charged for a product or service. They are often implemented to ensure affordability or to protect producers.
Down
  1. 1. A legal maximum price that can be charged for a good or service. To be effective, it must be set below the equilibrium price, which often results in a shortage as demand exceeds supply.
  2. 2. The specific market price where the supply and demand curves intersect and the quantity supplied equals the quantity demanded.
  3. 3. A legal minimum price that must be paid for a good or service, such as a minimum wage. To be effective, it must be set above the equilibrium price, which typically leads to a surplus as supply exceeds demand.
  4. 6. The controlled distribution of scarce resources by a government or authority. It is often used during crises (like war or natural disasters) to ensure equitable access to essential goods when price controls cause shortages.
  5. 7. An illegal market where goods and services are traded outside of government-sanctioned channels. These markets often emerge to bypass price controls, rationing, or taxes, allowing participants to trade at prices that reflect actual supply and demand.