Across
- 3. Too much of a product at a price, occurs when the price is set too high
- 5. how much the quantity responds to price
- 7. as the price of a good/service increases, the quantity supplied increases
- 10. The manufacture of large quantities of a good
- 11. The efficency with which goods and services are produced
- 14. The most popular and prevalent form of non-price competition
- 16. total output or sales needed to cover costs
- 17. Voluntary exchange of goods and services between buyers and sellers
- 18. A fee on the production of a good or service
- 20. lowest price for good or service
Down
- 1. The process of transforming land, labor and capital into goods and services
- 2. willingness and ability to offer a good or service for sale
- 4. willingness and ability to purchase a good or service
- 6. A factor affecting the demand for a good or service
- 8. A government payment that helps a producer supply a product or service
- 9. as price for a good/service increases, the quantity demanded decreases
- 12. price where the quantity supplied is equal to the quantity demanded
- 13. unprocessed natural products used in production
- 15. the state or quality of being efficient
- 19. highest price for good or service