Across
- 4. level of satisfaction derived from consumption of a good
- 5. a cost that has already been incurred and that cannot be recovered
- 7. demand for a good or service remains unchanged even when the price changes
- 12. a good which can be used in place of another
- 14. a schedule of the quantities to be purchased at several different prices
- 17. someoen who uses goods or services to satisfy wants and needs
- 19. total revenue minus total cost
- 22. the amount of money received during a specified period
- 24. a change in price leads to a significant shift in demand
- 26. free markets coexist with government intervention
- 27. what you are giving up or sacrificing by turning down one opportunity inorder to take advantage of another opportunity
Down
- 1. your income measured in terms of how many goods you can purchase
- 2. A market structure characterized by a single seller, selling a unique product in the market
- 3. the point at which supply is equal to demand
- 6. government makes all economic decisions
- 8. a good used in conjunction with other goods
- 9. Produced physical products
- 10. good or service people desire, but do not need to survive
- 11. increasing amount of one factor of production increases, an increase in productivity will only occur to a certain point
- 13. a state of limited competition, in which a market is shared by a small number of producers or sellers
- 15. very little government interference
- 16. someone who makes goods and services to satisfy wants and needs
- 18. actions performed for you
- 20. profits are equal to the costs
- 21. good or service necessary for survival
- 23. the demand for a good or service is greater than the availability of the good or service
- 25. a schedule of the quantities to be supplied at several different prices