Marketing Ch 3 Vocab

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Across
  1. 2. “Higher prices encourage producers to offer more for sale” describes the ______.
  2. 7. Inflation and national unemployment are studied in ______.
  3. 8. In this economy, the government answers the major economic questions.
  4. 10. These people or businesses make the goods consumers buy.
  5. 12. “You can’t have everything you want” describes the economic problem of ______.
  6. 13. This graph typically slopes downward as price increases.
  7. 15. The desire to make money from operating a business
  8. 16. Buyers and sellers interacting to exchange a particular product make up an ______.
  9. 17. A store has 50 pairs of a popular shoe available. Those 50 pairs are part of its ______.
  10. 21. A market with many sellers offering nearly identical products is called ______.
  11. 22. The United States is an example of this type of economy.
  12. 23. The study of the economic decisions of individual consumers and businesses
Down
  1. 1. If you work instead of going to a football game, the game is your ______.
  2. 3. In a ______, consumers and businesses make most economic decisions.
  3. 4. The amount buyers are willing to pay and sellers are willing to accept
  4. 5. If you think a concert ticket is worth $100, you are placing this on it.
  5. 6. Without these buyers, businesses wouldn’t have customers.
  6. 7. Restaurants and clothing stores often operate in this market structure, where many businesses sell similar but differentiated products.
  7. 9. One company. No direct competitors. This market structure is a ______.
  8. 11. The ability of a good or service to satisfy a consumer’s wants or needs
  9. 12. This graph typically slopes upward as price increases.
  10. 14. Airlines and cell phone providers are often used as examples of this market structure with only a few major competitors.
  11. 15. The right to own a business and compete for customers is part of ______.
  12. 18. “When prices go up, consumers generally buy less” describes the ______.
  13. 19. When Taylor Swift announces a limited number of concert tickets, fans create a lot of ______.
  14. 20. Land, labor, capital, and entrepreneurship are types of ______.