Economics Vocab 2

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Across
  1. 1. the quantity of a product a producer may choose to sell at a certain price
  2. 2. the economic stage where acceleration of productions is dwindling, getting less and less, as more factors slow production
  3. 3. a graph which all of the different amounts a product could be sold by and how much that product would be sold for at that quantity
  4. 7. when a price of a good goes up, an individual might feel like he or she can no longer afford it, so he or she will substitute the item with another, less expensive one (CVS brands, Ralphs brand, etc.)
  5. 9. the amount a company pays whether they are producing nothing or a lot
  6. 10. the extra utility (usefulness of an good) that one gets when he or she has 2 of the same product
  7. 12. adj. when the demand of an object changes based on price
  8. 14. the more the price of an object goes up, the less people feel they can continue to afford it with their current income staying the same; thus, the less they buy
  9. 16. electronic company with internet shopping
Down
  1. 1. money given by the government to companies or individuals to protect a certain product and make sure prices don’t surge, leaving less people buying the product and more businesses going out of business
  2. 2. when the extra utility (usefulness, helpfulness, fulfillment) of having multiple of a good starts to fade
  3. 3. a product (usually cheaper) that can be used as a replacement for a more expensive, similar good (ex: the store brand)
  4. 4. a table including the price and the number of a product in reference to each other; used for determining the most profitable method in selling an item
  5. 5. a table including how much of a product a producer will supply at different prices (usually as price goes up, the more they will supply to sell)
  6. 6. a graph displaying the price and quantity of a product; used for determining how much of a good a store or supplier should order/produce
  7. 8. change in price has little effect on how much of a product is sold (examples of products include things people need such as gasoline)
  8. 11. measure of economic flexibility of demand for a good: likely hood to change, fluctuate, etc. depending on variables (price, etc.)
  9. 13. the ability to afford, keenness to purchase, and want to buy a product
  10. 15. a good that is related to another good and directly effected by how the other good is doing (both good and bad); the more the primary good sells, the more the compliment will sell (or not sell)