Economics Crossword - Mary Salmon

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Across
  1. 1. the lowest hourly wage an employer can legally pay an employee
  2. 3. the supply of and demand for labor
  3. 6. economic theory that predicts how the price of goods and services affects their supply
  4. 8. a payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis
  5. 10. a change in the quantity supplied at every price
  6. 12. the various characteristics of an economic environment in which businesses operate, influencing how firms compete, set prices, and interact with consumers
  7. 14. an indirect cost (external cost) or indirect benefit (external benefit) to an uninvolved third party that arises as an effect of another party's activity
  8. 15. the economic situation defined by an inefficient distribution of goods and services in the free market
  9. 16. if a section of the population that consumes the goods fails to pay but continues using the good as actual payers
  10. 17. the difference in how income is distributed among the population
  11. 18. market price where the quantity of goods supplied is equal to the quantity of goods demanded
Down
  1. 1. a structure in which a single supplier produces and sells a given product or service
  2. 2. a requirement that a seller charges a government- mandated price for a good instead of letting the price be determined by supply and demand
  3. 4. when a change in some economic factor other than price causes a different quantity to be demanded at every price
  4. 5. the legal structure of a company that influences the day-to-day operations of a business
  5. 7. a situation in which individuals with access to a public resource—also called a common—act in their own interest and, in doing so, ultimately deplete the resource
  6. 9. the quantity of a good supplied in the marketplace when the quantity supplied by sellers exactly matches the quantity demanded by buyers
  7. 11. states that there is an indirect relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to buy
  8. 13. the total amount of money brought in by a company's operations