Law of Supply and Demand

2. The act of trading in an asset with the expectation of a significant capital gain.
3. The loss of economic efficiency when the market equilibrium is not achieved.
5. Ceiling: A government-imposed maximum price that can be charged for a good or service.
6. A consumer's desire and willingness to pay a price for a specific good or service.
11. The total satisfaction or value received from consuming a good or service.
13. The process by which the price adjusts so that quantity supplied equals quantity demanded.
14. A measure of how much the quantity demanded or supplied responds to a change in price.
17. A good for which demand increases as consumer income rises.
23. The specific amount of a good or service produced, provided, or consumed.
24. A good that can be used in place of another good.
27. The degree of variation in the price of a financial instrument or good over time.
28. A situation where the quantity supplied is greater than the quantity demanded.
29. A government-imposed minimum price that must be paid for a good or service.

1. A good that is typically consumed together with another good.
4. Factors other than price that cause the supply or demand curves to shift.
7. A good for which demand decreases as consumer income rises.
8. A change in the position of the entire supply or demand curve due to external factors.
9. A situation where the quantity demanded is greater than the quantity supplied.
10. The raw materials, work-in-progress goods, and finished goods held by a business.
12. The economic factors—supply and demand—that affect the price and availability of goods.
14. The state where market supply and demand balance each other, resulting in stable prices.
15. The difference between the lowest price a firm is willing to accept and the actual price received.
16. The additional satisfaction gained from consuming one more unit of a good or service.
18. A Latin phrase meaning "all other things held constant."
19. The limited availability of resources in comparison to the unlimited wants of society.
20. The expenses incurred to create a product, such as labor, raw materials, and energy.
21. The difference between the highest price a consumer is willing to pay and the actual price paid.
22. The distribution of available resources to various uses.
25. The total amount of a specific good or service available to consumers.
26. A situation where the quantity demanded or supplied changes very little in response to price changes.