Economics Chapter Six

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Across
  1. 2. system of allocating goods and services without prices
  2. 3. price where quantity supplied equals quantity demanded
  3. 5. the lowest leagal price that can be paid for a product
  4. 7. the monetary value of a product
  5. 8. a fuel created from living material
  6. 10. situation where quantity supplied is less than quantity demanded
  7. 12. quantity of output supplied that is equal to the quantity demanded at the equilibrium price
Down
  1. 1. price floor for agricultural products set by the government to stabilize farm prices
  2. 4. the highest legal price that can be charged for a product
  3. 6. situation where quantity supplied is greater than quantity demanded at a given price
  4. 9. loan that carries neither penalty nor future obligation to repay
  5. 11. a simplified version of a complex behavior expressed in the form of an equation, graph or illustration