Econ Crossword Puzzle

12345678910111213141516171819
Across
  1. 1. a sudden shortage of a good, such as gas or wheat
  2. 4. occurs when quantity demanded is more than quantity supplied.
  3. 8. a minimum price that an employer can pay a worker for an hour of labor
  4. 10. the right to sell a good or service within an exclusive market
  5. 11. a government issued right to operate a business
  6. 12. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
  7. 13. the point at which quantity demanded and quantity supplied are equal
  8. 15. the expenses that a new business must pay before the first product reaches the customer
  9. 16. dividing up goods and service using criteria other than price
  10. 19. a minimum price for a good or service
Down
  1. 2. a product that is the same no matter who produces it
  2. 3. the financial and opportunity costs consumers pay in searching for a good or service
  3. 5. barriers to entry can lead to _____
  4. 6. a market structure in which a large number of firms all produce the same product.
  5. 7. factors that make it difficult for new firms to enter a market.
  6. 9. forms when barriers prevent firms from entering a market that has a single supplier
  7. 13. occurs when quantity supplied exceeds quantity demanded
  8. 14. occurs when quantity supplied is not equal to quantity demanded in a market.
  9. 17. a maximum price that can be legally charged for a good
  10. 18. a monopoly created by the government