Across
- 5. costs : costs of production that affect people who have no control over how much of a good is produced
- 7. demand : when quantity demanded is more than quantity supplied
- 10. : a system of allocating scarce goods and services using criteria other than price
- 11. floor : minimum price for a good or service
- 14. : the point at which quantity demanded and quantity supplied are equal
Down
- 1. shock : a sudden shortage of a good
- 2. market : a market in which goods are sold illegally
- 3. : describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
- 4. costs : the financial and opportunity costs consumers pay when searching for a good or service
- 6. control : a price ceiling placed on rent
- 8. : situation in which quantity demanded is greater than quantity supplied; also known as excess demand
- 9. wage : a minimum price that an employer can pay a worker for an hour of labor
- 12. : situation in which quantity supplied is greater than quantity demanded; also known as excess supply
- 13. ceiling : a maximum price that can be legally charged for a good or service
- 14. supply : when quantity supplied is more than quantity demanded