Across
- 3. competition- a focus on the sale of a product.
- 5. market- a system in which the prices for goods and services are self-regulated by buyers and sellers negotiating in an open market.
- 7. utility- when a company provides goods or services to consumers when they demand or need them.
- 8. at the market price the quantity demanded is equal to the quantity supplied.
- 10. consumer willingness and ability to buy products.
- 11. a business relation in which parties compete to gain customers.
- 12. economy where all property, including land, factories and companies, is held by the government.
- 13. the number of goods producers are willing to make and sell.
Down
- 1. the money earned from conducting business after all costs and expenses have been paid.
- 2. the static quantity of a good or service when its price changes
- 3. utility- the purchaser has the legal right to own and use it freely.
- 4. of living- the quantity and quality of material goods and services available to a given population.
- 6. an added value in economic terms; an attribute of goods and services that makes them capable of satisfying consumers wants and needs.
- 8. a change in price quickly results in a change in the quantity demanded.
- 9. utility- to making goods or services available in locations that allow consumers to easily access products and services.