Economics - Unit 2 Review

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Across
  1. 3. Discrimination that is the practice of selling the same types of goods at different prices to different buyers.
  2. 5. Quantity supplied of a good is greater than the quantity demanded price.
  3. 7. Point at which quantity demanded and quantity supplies is equal.
  4. 9. Diminishing value of goods that is caused by wear and time.
  5. 11. Laws or regulations that prohibit certain monopolistic practices.
  6. 14. The amount of money that a buyer pays the seller for a particular item.
  7. 15. This type of market often has long-term shortages and/or surpluses.
  8. 17. In a free market, these people determine what goods are produced and in what quantity.
  9. 19. This law states that "as the price of a good increases, the quantity supplied also increases in a free market."
  10. 20. Latin phrase that means "other things being equal".
  11. 25. Goods with a life expectancy of less than 3 years.
  12. 26. Quantity demanded exceeds quantity supplied at a given price.
  13. 27. A collusion of businesses which join together to restrict or eliminate competition.
  14. 29. If consumers pay high prices for a particular commodity because they feel there are no substitutes, the demand for that good is called this.
  15. 30. Type of market that is the biggest defender of the American freedom from harmful monopolies is the operation of this.
  16. 31. Demand curve always slopes _____________ and to the right.
  17. 34. Market that occurs when an industry is dominated by only a few firms.
  18. 36. A type of monopoly that is granted in certain areas to encourage production.
  19. 37. Groups of firms that produce similar products or provide similar services.
Down
  1. 1. Sector of an economy that is controlled by private individuals, businesses, or organizations.
  2. 2. Governments try to encourage production by giving money to a business.
  3. 3. Purest form of competition.
  4. 4. Excess of the total revenue paid by buyers for goods over the seller's expense of producing those goods.
  5. 6. Sector of an economy which is controlled by national, state, or local governments.
  6. 7. Total value of a business minus any liabilities.
  7. 8. When an asset or good increases in value over time.
  8. 10. Type of monopoly which occurs when a single firm can fill the demand for a good more efficiently than multiple firms.
  9. 12. The largest influence on the amount of goods that producers supply.
  10. 13. A place where goods are bought and sold.
  11. 16. Petroleum producing states greatly raised their oil prices in the early 1970s.
  12. 17. The healthy kind of this improves the quality of goods and lowers their prices.
  13. 18. Signals used by consumers and producers to determine how much a good to buy or sell.
  14. 21. Shadowy, underground markets are called these kinds of markets.
  15. 22. Relationship between a good's price and the amount that people are willing to buy.
  16. 23. Price levels that are set above the equilibrium prices.
  17. 24. When governments place a limit on how high a producer may charge for his product is called this.
  18. 28. This economy gives people limited choices in what to produce or consume; based on heredity and local customs.
  19. 32. As one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease.
  20. 33. Situation that arises when a single firm is the only supplier of a good for which no substitute exists.
  21. 35. Goods which are expected to last at least 3 years or more.