Economics Vocabulary
Across
- 3. how economists describe the way that consumers respond to price changes
- 4. says that when a good's price is lower, consumers will buy more of it
- 7. consumers demand fewer of those when their income increases
- 8. a maximum price, set by the government, that can be legally charged for a good or service
- 9. the desire to own something and the means to pay for it
- 11. term of two goods that are bought and used together
- 12. a government payment that supports a business or market
- 13. literally means, "all other things held constant"
- 17. graph that demonstrates how the demand for a commodity or service varies with changes in its price
- 20. takes place when consumers can no longer afford to but the same combination of goods, and cut back purchases
- 21. factors that can lead to shifting of demand up or down
Down
- 1. takes place when a consumer reacts to a rise in the price of one good by consuming less of that good and more of another good
- 2. lists that quality of a good that a person will purchase at various prices in a market
- 5. a cost that does not change no matter how much of a good is produced
- 6. demand that is relatively unresponsive to price changes
- 10. term for goods that are used in place of one another
- 14. consumers demand more of these when their income increases
- 15. factors that are able to change
- 16. demand that is very responsive to price changes- both increases and decreases
- 18. the statistical characteristics of populations
- 19. shows that quantities demanded by consumers at various prices in a market