Supply and Demand

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Across
  1. 2. _______ advantage - condition that occurs when someone can produce goods and services cheaper than another other producers
  2. 5. _____ competition – a market structure characterized by many producers supplying the same product and very few barriers to entry in the market
  3. 6. ________ competition – a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market
  4. 8. the direction a demand curve shifts when demand goes up
  5. 11. quantity supplied is greater than quantity demanded
  6. 14. ________ advantage – condition that occurs when someone can produce at a lower opportunity cost than other producers
  7. 15. ____ of supply - suppliers will normally offer more for sale at higher prices and less at lower prices
  8. 17. – an arrangement that brings sellers and buyers together for economic transactions
Down
  1. 1. when one item can be used in place of another
  2. 3. __________ price - the price at which the quantity supplied in the market matches the quantity demanded in the market
  3. 4. term for a government payment to and individual, business or other group
  4. 7. a numerical chart that illustrates the law of supply or the law of demand
  5. 9. – the development of skills and knowledge associated with one job or one area of expertise
  6. 10. the total amount of goods and services consumers are willing to buy at various prices
  7. 12. the total amount of goods and services offered for sale at various prices
  8. 13. acronym for the 5 reasons for a change in demand
  9. 16. the direction a demand curve shifts when demand goes down