Economics Unit 2

3. This change in demand would be taking place if a lot of people started moving away from Yarmouth.
4. The Law of ______ states that as prices rise, this rises too.
6. A change in technology (which is a change in supply)usually reduces the cost of _____________.
7. _________want the price to be as high as possible.
9. The compromised price between consumers who want the lowest prices possible and sellers who want the highest.
12. This change in demand is the understanding that if potential buyers ______ increases, they will be willing to buy more.
14. The process by which a buyer and seller arrive at a mutually acceptable price.
15. ________ and Environment
16. The Law of Demand states that as ______ rise, demand falls.
17. Price of ______ outputs is a change in supply in which suppliers shift their production dependent on market prices.

1. A restriction placed on the amount of product that a consumer is allowed to produce.
2. Price of ________ Goods is basing buying decisions off the cost difference between a desired good and it's _________ good.
4. Having more product than is demanded.
5. Buyers want the price to be as ____ as possible.
7. Having not enough product to satisfy demand.
8. Government intervention to prevent sellers from getting to little for their product or service.
10. An illegal market outside of the formal economy.
11. Government intervention to prevent consumers from paying too much for a product or service.
13. This change in supply is related to the flux in supply based on changes in production _____.
18. _______ and Preferences
19. Expectations, described as consumers buying habits being shaped by future market expectations is a change in _______.