Across
- 5. Economic decisions are made by individuals or the open market.
- 6. A business in which two or more persons combine their assets and skills
- 7. total revenue minus total cost
- 9. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
- 10. money received, especially on a regular basis, for work or through investments.
- 13. A business owned by one person
- 15. A market structure in which a few large firms dominate a market
- 16. The application of scientific knowledge for practical purposes
- 17. a table that shows the relationship between the price of a good and the quantity demanded
- 19. A legal maximum on the price at which a good can be sold
- 20. the cost of producing one more unit of a good
Down
- 1. an establishment formed to carry on commercial enterprise
- 2. a graph of the relationship between the price of a good and the quantity supplied
- 3. Trends and fashions that are highly desirable to the consumer
- 4. What you expect prices to do in the future can influence your buying habits today.
- 6. A legal minimum on the price at which a good can be sold
- 8. Price x Quantity
- 11. A market in which there are many buyers but only one seller.
- 12. fixed costs plus variable costs
- 14. A focus on a particular activity or area of study
- 18. the change in consumption resulting from a change in real income