Ch3

123456789101112131415161718192021222324252627282930
Across
  1. 3. When an economic factor other than price causes the demand for a different quantity at every price
  2. 4. Relationship between the price and the quantity supplied of a good/service
  3. 11. Quantity producers are willing to sell of a good/service at a given price
  4. 12. A product/service that is in low demand when income rises or high demand when income falls
  5. 14. When the cost of a good/service is based on regulations instead of market forces
  6. 16. When an inefficient quantity is produced and results in loss of social surplus
  7. 20. A good/service that can replace another and result in less consumption of the other
  8. 21. When supply is less than demand (e.g., a shortage)
  9. 22. Factors of production (e.g., labor, material, machines) used to produce goods/services
  10. 23. Table showing demand for a good/service at each price in a range
  11. 26. Calculated by subtracting the amount a producer was paid for a good/service minus what the producer was willing to accept
  12. 28. Graph of quantity supplied (horizontal axis) vs. price (vertical axis) relationship
  13. 29. How much a good/service costs when demand equals the total supplied
  14. 30. Amount a consumer is willing to buy of a good/service at a given price
Down
  1. 1. When an economic factor other than price causes a different quantity to be supplied at every price
  2. 2. A product/service that is in high demand when income rises or low demand when income falls
  3. 5. Relationship between the quantity supplied and price of a good/service
  4. 6. Relationship where higher prices lower demand or lower prices increase demand while all other variables remain constant
  5. 7. Minimum a buyer can legally pay for a good/service
  6. 8. Table showing quantity supplied of a good/service at each price in a range
  7. 9. When supply is greater than demand (e.g., excess supply)
  8. 10. Means other things being equal
  9. 13. Refers to the sum of consumer and producer surplus (e.g., total or economic surplus)
  10. 15. Calculated by subtracting the amount a consumer was willing to pay from the amount they actually paid for a good/service
  11. 17. Relationship where higher prices increase the quantity supplied or lower prices reduce the quantity supplied while all other variables remain constant
  12. 18. When the amount supplied is equal to the amount demanded
  13. 19. Amount a buyer pays for a good/service
  14. 24. Graph of price (vertical axis) vs. quantity supplied (horizontal axis) relationship
  15. 25. Maximum a buyer can legally pay for a good/service
  16. 27. Demand vs. supply are equal and there are no economic shortages or surpluses that would cause quantity or price to change