Across
- 3. Uses goods and services to satisfy own wants
- 4. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
- 5. when demand is greater than supply
- 6. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
- 8. Those who provide human resources, natural resources, and capital goods in order for production to take place
- 13. amount of satisfaction a good or service will provide a customer
- 14. A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
- 15. Equal to both demand price and supply price
Down
- 1. The minimum price producers are willing and able to receive for a product
- 2. Large supply,small demand,low prices
- 4. The people who make or provide goods and services
- 7. maximum price consumers are willing and able to pay
- 9. when supply is greater than demand
- 10. The best time for producers to sell; characterized by large demand, small supply, and high prices
- 11. One price compared to another; the ratio between two prices
- 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