Across
- 2. ________ Demand - a demand for a commodity, service, etc. which is a consequence of the demand for something else.
- 4. Positive __________ - when a benefit spills over to a third-party
- 5. Market __________ - when you combine the supply and demand curves, there is a point where they intersect
- 7. Amount of physical, mental, and social effort used to produce goods and services in an economy
- 12. - an enterprise that is the only seller of a good or service.
- 13. Free __________ System - Individuals to make their own choices in the purchase of goods, the selling of their products and their labor
- 14. Price _______ - the lowest legal price that can be paid in a market for goods and services, labor, or financial capital.
- 16. __________ Economy - an economic system combining private and public enterprise.
- 18. - a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
- 19. Price _______ - the highest point at which goods and services can be sold.
- 20. The total amount of a given product or service a supplier offers to consumers at a given period and a given price level
- 21. - a state of limited competition, in which a market is shared by a small number of producers or sellers. For example, a firm that develops a new technology that reduces pollution
- 22. __________ Economy - an economy in which production, investment, prices, and incomes are determined centrally by a government.
Down
- 1. _______ Benefits - an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
- 3. The rate of increase in prices over a given period of time
- 5. A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
- 6. Gap between availability of limited resources and the theoretical needs of people for such resources.
- 8. - Pure _________ - occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or full information, and companies cannot determine prices
- 9. The consumer's desire and willingness to buy a product or service at a given period or over time
- 10. __________ Economy - an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
- 11. _______ Cost - business costs, such as rent, that are constant whatever the quantity of goods or services produced
- 15. ________________ cost - the value of what you lose when choosing between two or more options
- 16. _______ Cost - the change in total production cost that comes from making or producing one additional unit
- 17. _______ Cost - costs that change as the volume changes
- 19. Cash in hand that is available for spending