Economics Chapter 4 Crossword

1234567891011121314151617
Across
  1. 3. Goods that are sold together along with other goods, e.g., gasoline and automobiles.
  2. 6. A law stating that the quantity demanded of a product varies inversely with its price, as long as other things do not change.
  3. 10. A rare market structure characterized by many sellers (selling exactly the same product) and many buyers, no barriers to entry into the market for new firms, and perfect knowledge of prices(so there are no price differences and no individual can influence them); also called pure competition.
  4. 14. The sum total of all the consumer demands for a good or service.
  5. 16. A price set by the interaction of demand and supply in which the absence of surpluses or shortages in the market means there is no tendency for the price to change.
  6. 17. Goods that are similar to other goods and serve as an alternative if the price of the latter good rises.
Down
  1. 1. A factor held constant in the relationship between price and quantity demanded and supplied. Non-price factors include, on the demand side, income, population. Tastes and preferences, expectations, and prices of substitute goods; and on the supply side, costs, number of sellers, technology, nature and the environment, and prices of related items.
  2. 2. What customers believe will happen to the price of a product in the future; such beliefs have the effect of changing consumer demand for the product in the present.
  3. 4. The quantity of a good or service that buyers will purchase at various prices during a given period of time
  4. 5. A law stating that the quantity supplied of a product increases if price increases and falls if price falls, as long as other things do not change.
  5. 7. A straight line or curve on a graph illustrating the demand schedule for a product.
  6. 8. A table showing the quantities of a product supplied at particular prices.
  7. 9. A table showing the quantities demanded of a product at particular price.
  8. 11. The quantities that sellers will offer for sale at various prices during a given period of time
  9. 12. A place for commerce; a network of buyers or sellers. Also, the demand for a product; a price-determination process.
  10. 13. Latin for “other things being equal” or “as long as other things do not change”; an assumption made when economists want to understand the cause-and-effect relationship between any two factors and want other factors affecting that relationship to be held constant.
  11. 15. Population statistics that show changes in age, income, and overall numbers, often used by businesses in their planning.