Across
- 1. When there is more of something than what is necessary
- 4. As you increase your income - you increase your ability and willingness to purchase goods(demand)
- 6. Where supply and demand meet
- 8. Goods for which demand falls when income rises
- 11. condition that exists when quantity demanded exceeds quantity supplied at the current price
- 12. The number of units of a product that a household would buy in a given period if it could buy all it wanted at the current market price
- 13. When demand for a good or service is greater than the supply
Down
- 1. Goods that can serve as replacements for one another; when the price of one increases, demand for the other goes up
- 2. Goods that “go together”; when the price of one increases, demand for the other goes down
- 3. The number of units of a product that a firm would be willing and able to offer for sale at a particular price during a given time period
- 5. which direction would the supply curve shift if supply decreased?
- 7. condition that exists when quantity supplied exceeds quantity demanded at the current price.
- 9. which direction would the demand curve shift if demand increased?
- 10. Goods for which demand goes up when income is higher and for which demand goes down when income is lower