2.02E vocab

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Across
  1. 2. The situation that exists when supply is greater than demand
  2. 6. One price compared to another; the ratio between two prices
  3. 9. People who use goods and services to satisfy their wants
  4. 11. The quantity of a good or service that buyers are ready to buy at a given price at a particular time
  5. 13. The people who make or provide goods and services
  6. 16. Equilibrium price
  7. 17. A maximum legal price that businesses can charge for certain products
  8. 18. A function of relative prices that is necessary for consumers, producers, and resource owners to make important economic decisions; data concerning value/cost
  9. 19. Those who provide human resources, natural resources, and capital goods in order for production to take place
  10. 22. Any circumstance under which buyers and sellers exchange goods or services for a price
  11. 23. The situation that exists when demand is greater than supply
  12. 24. A function of relative prices that encourages producers to change and reallocate their resources; motivators
Down
  1. 1. The amount of satisfaction a good or service will provide a customer
  2. 3. A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
  3. 4. The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; equal to both the demand price and the supply price
  4. 5. The amount of money paid for a good, service, or resource
  5. 7. The best time for consumers to buy; characterized by large supply, small demand, and low prices
  6. 8. The maximum price buyers are willing and able to pay for a product
  7. 10. Government restrictions on the minimum and/or maximum prices of certain products
  8. 12. The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
  9. 14. The best time for producers to sell; characterized by large demand, small supply, and high prices
  10. 15. Actual price that prevails in a market at any particular moment
  11. 19. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
  12. 20. The minimum price producers are willing and able to receive for a product
  13. 21. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid