Ice cream

2. goods used in place of another.
3. The method a society produces and distributes goods and services.
4. the amount of goods and services that producers are willing and able to offer at various prices during a given period.
5. 2 goods used together.
11. a product consumers demand less of as income increase (and vice versa).
13. and Advertising Advertising plays an important role in many trends and therefore influences demand.
15. Changes in size of and also affects the demand for most products.

1. Based on customs/beliefs handed down by generations
6. Basically, a free market economy BUT with limited government intervention (i.e., gov’t DOES impose some limits)
7. a product consumers demand more of as income increases (and vice versa).
8. Movement from point A to point B
9. a Latin phrase meaning “all other things held constant”.
10. money earned from work or investments
12. Supply, it is more difficult to change production or supply when resource prices change
14. Supply Production of the product is flexible and can be adjusted as resource price change