Across
- 1. The amount that product sells for per unit. It reflects what society is willing to pay.
- 3. Goods that can serve as replacements for one another; when the price of one increase, demand for the other goes up.
- 5. Those goods produced or supplied by the economic system that areused as inputs to produce other goods and services in the future
- 6. In industry structured in which there is only one large firms that produces a product for which there are no closed substitute.
Down
- 2. A state that occurs when there is no tendency for chang
- 4. The sum of all of household’s wages, salaries, profits, interest payments, rents, and other forms of earnings in given period of time.