Across
- 1. The minimum price producers are willing and able to receive for a product
- 3. when supply is greater than demand
- 4. data concerning value/cost
- 8. A maximum legal price that businesses can charge for certain products
- 9. When demand is greater than supply
- 12. Equilibrium price
- 14. determining how scarce resources will be distributed
- 15. The amount of money paid for a good, service, or resource
Down
- 1. When changes in relative prices cause buyers to replace the purchase of one product with another
- 2. Maximum price buyers will pay for a product
- 5. Actual price that prevails in a market
- 6. The amount of satisfaction a good or service will provide a customer
- 7. the ratio between two prices
- 8. Government restrictions on the minimum and/or maximum prices of certain products
- 10. When buyers and sellers exchange goods and services for a price
- 11. A function of relative prices that encourages producers to change and reallocate their resources
- 13. income left once all expenses are paid