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Section 2-The allocation of resources-2

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Across
  1. 4. goods that can be used as an alternative for a product (butter & margarine)
  2. 7. a % change in price results in smaller % change in quantity demanded
  3. 8. quantity demanded is greater than the quantity supplied at a given price
Down
  1. 1. total demand for a product
  2. 2. a % change in price results in greater % change in quantity demanded
  3. 3. movement along the supply curve to the left (lower price & lower quantity supplied)
  4. 5. a % change in price results in greater % change in quantity supplied
  5. 6. the responsiveness of quantity supplied or demanded in relation to changes in price/income/other products