economics

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