Market Economy

2. Consumer desires that can shift demand
4. Goods that are used together like golf clubs and balls
8. Unexpected changes affecting supply, like weather or shortages
10. money given by the government to a firm
12. The point where quantity demanded equals quantity supplied
13. The expenses incurred by a firm in manufacturing a good
14. The difference between what consumers are willing to pay and what they actually pay
17. Acronym for Non-Price Determinants affect demand
19. When two goods are used together to achieve utility
22. Demand supported by the ability to pay

1. A Latin phrase meaning all other things being equal
3. The total quantity demanded by all consumers
5. Demand for a factor of production based on the demand for a product
6. A good bought with the expectation that its price will rise in the future
7. A good that can replace another in consumption
9. Consumer beliefs about future prices influencing current demand
11. A good that experiences increased demand as its price rises contrary to the law of demand
14. Acronym for non price determinants of supply
15. When demand exceeds supply at a given price
16. surplus benefit to suppliers when they receive a higher prices but were willing to accept a lower price
18. The principle stating that price and quantity demanded move in opposite directions
20. government intervention that increases cost eg. VAT
21. Advances that improve production efficiency and output