PED & PES CROSSWORD

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Across
  1. 1. Term for demand when the percentage change in quantity is greater than the percentage change in price.
  2. 4. The overall willingness and ability of consumers to buy a product at various prices.
  3. 6. The visual representation (graph) of the relationship between price and quantity supplied.
  4. 7. The primary motive for producers to supply goods to a market.
  5. 10. The specific amount of a good consumers are willing to buy at one particular price.
  6. 11. A non-price determinant referring to consumer tastes and trends.
  7. 12. Term for demand when consumers are relatively unresponsive to price changes.
  8. 17. A government payment to a producer that effectively lowers production costs.
  9. 20. Goods that are typically consumed together (e.g., gaming consoles and controllers).
  10. 21. Total money a firm receives; PED helps a firm decide if raising prices will increase this.
  11. 22. If a good is easy to keep in ____, its supply is usually more elastic.
  12. 23. A type of good where demand increases as consumer income rises.
  13. 24. A firm with a lot of "spare" ____ can increase supply easily if prices rise.
Down
  1. 2. Goods that can be used in place of one another (e.g., butter and margarine).
  2. 3. A "need" that usually has a low (inelastic) price elasticity of demand.
  3. 5. A type of "want" (not necessary) that usually has a high price elasticity of demand.
  4. 8. A type of good where demand decreases as consumer income rises.
  5. 9. Over a longer period of ____ firms can change any of their factors of production to respond to price changes.
  6. 13. The total amount of a good that producers are willing and able to sell at all possible prices.
  7. 14. Resources like labor and raw materials used to create a product.
  8. 15. A natural state of the atmosphere that can increase or decrease the supply of something
  9. 16. The ease with which factors of production can be moved from one use to another.
  10. 18. The term used when the percentage change in quantity supplied exactly equals the percentage change in price.
  11. 19. Improvements in this allow firms to produce more output with the same amount of resources.