Ice cream

2. Supply, it is more difficult to change production or supply when resource prices change
5. Basically, a free market economy BUT with limited government intervention (i.e., gov’t DOES impose some limits)
7. a product consumers demand less of as income increase (and vice versa).
8. and Advertising Advertising plays an important role in many trends and therefore influences demand.
9. Supply Production of the product is flexible and can be adjusted as resource price change
12. goods used in place of another.
14. The method a society produces and distributes goods and services.
15. Changes in size of and also affects the demand for most products.

1. a product consumers demand more of as income increases (and vice versa).
3. 2 goods used together.
4. a Latin phrase meaning “all other things held constant”.
6. money earned from work or investments
10. Based on customs/beliefs handed down by generations
11. the amount of goods and services that producers are willing and able to offer at various prices during a given period.
13. Movement from point A to point B