economics
Across
- 3. a situation in which the quantity demanded is greater than the quantity supplied at a given price
- 8. price: the price that "clears the market" by leaving neither a surplus nor a shortage at the end of a trading period
- 9. coupon: a ticket or a receipt that entitles the holder to obtain a certain amount of a product
- 11. the monetary value of a product as established by supply and demand
- 12. a partial refund of the original price of the product
- 13. a situation in which the quantity supplied is greater than the quantity demanded at a given price
- 14. price: which is essentially a price floor for farm products
Down
- 1. floor: lowest legal price that can be paid for a good or service
- 2. a system under which an agency such as government decides everone's "fair" share
- 4. model: a set of assumptions that can be listed in a table, illustrated with a graph, or even stated algebraically- to help analyze behavior and predict outcomes
- 5. loan: a loan that carries neither a penalty nor further obligation to repay if not paid back
- 6. payment: a check sent to producers that makes up the difference between the actual market price and the target price
- 7. wage: the lowest legal wage that can be paid to most workers
- 10. equilibrium: a situation in which prices are relatively stable, and the quantity of goods or services supplied is equal to the quantity demanded