Across
- 7. as the price of a good or service increases, the quantity of goods or services increases and vice versa
- 10. the loss of potential gain from other alternatives when one alternative is chosen.
- 11. a distribution of profits by a corporation to its shareholders
- 12. products that increase in value when the demand for relative products increases
- 13. an economic system in which individuals, rather than the state, own most of the resources
- 14. the collaboration between companies that seek to gain an extensive competitive advantage in the marketplace
- 15. (the fundamental economic problem) the demand for a good or service is greater than the availability of the good or service.
Down
- 1. the decrease in sales for a product that can be attributed to consumers switching to cheaper alternatives when its price rises
- 2. the interest rate the Federal Reserve charges commercial banks and other financial institutions for short-term loans
- 3. a good whose demand drops when people's incomes rise
- 4. the use of government revenue collection and expenditure to influence a country's economy.
- 5. a graphic representation of the correlation between the cost of a good or service and the quantity supplied for a given period
- 6. a general increase in the prices of goods and services in an economy
- 8. quantity purchased varies inversely with price
- 9. a good that experiences an increase in demand due to an increase in a consumer's income