Across
- 2. the point where the demand and supply curve meet
- 3. the price of the next best thing
- 6. a cost that does not change with production volume
- 7. the ability and willingness of a consumer to purchase a certain good
- 13. the more that a beneficial good is consumed, the more it will negatively affect the consumer in the long run
- 14. when the quantity supplied is greater than the quantity demanded
- 15. the amount of money workers are paid
- 16. the total amount of money made by a firm ina given time without reductions imposed
- 18. a market where there are many buyers, but one seller
- 20. the gap between limited resources exceed and limitless wants
- 22. another word for satisfaction
- 25. costs that could change as production progresses
- 26. a graph of the relationship between the price of a good and the quantity supplied
- 27. there is a direct or corresponding relationship between price and quantity supplied
- 28. the study or science of scarcity
- 30. a government-imposed tax on imports or exports
- 31. when the quantity demanded is greater than the quantity supplied
Down
- 1. a legally determined maximum pice producers can charge
- 4. land, labor, capital, and entrepreneurship
- 5. a grant paid by the government to a firm
- 8. the reduction in economic surplus resulting from a market not being in equilibrium
- 9. the amount of a good a consumer is willing and able to purchase at a given price
- 10. the study of details or individual decisions in the economy
- 11. a firm that controls the market for a specific good
- 12. a good that can replace another good
- 17. a measure of how much one variable responds to changes in another variable
- 19. a legally determined minimum price that sellers can accept
- 20. the abundance of a certain good or service
- 21. what a consumer loses from picking something else
- 23. a good that is paired with another good
- 24. another word for additional
- 29. a person who uses goods or services