Ivy Tech. Econ. 111 Final Review

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Across
  1. 3. when a change in price occurs, the demand changes drastically
  2. 4. person who makes good or offers a service
  3. 6. study of individuals in an economy
  4. 9. Goods that the consumers demand less of when their income rises
  5. 10. human time, effort, and talent that is used to create goods or services
  6. 11. offered benefit to entice consumers to purchase a good or service
  7. 13. Goods that the consumers demand more of when their income rises
  8. 15. place or situation in which people buy and sell goods and services
  9. 17. work one person preforms for another for payment
  10. 19. person who buys goods and services
  11. 20. goods services essential for living
  12. 21. willingness and ability for producers to offer goods or services
  13. 22. natural resources found above and below ground
  14. 23. a situation where two or more independent people try to gain business by offering the best deals
  15. 24. good or services that can be used in place of another to satisfy a customer
Down
  1. 1. when a change in price occurs, the demand change is minuscule
  2. 2. Person who chooses not to pay for goods or services but reaps the benefits
  3. 5. physical object that can be purchased
  4. 6. study of the economy as a whole
  5. 7. form of economic system where government owns some or all parts of production
  6. 8. consumer’s desire for good or service
  7. 12. financial gain from business transaction
  8. 14. Law that states when prices of goods and services fall, consumers purchase more of it
  9. 16. desire for good or service and ability to pay for it
  10. 18. for of economic system based on private ownership of production