Supply and Demand

2. _______ advantage - condition that occurs when someone can produce goods and services cheaper than another other producers
5. _____ competition – a market structure characterized by many producers supplying the same product and very few barriers to entry in the market
6. ________ competition – a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market
8. the direction a demand curve shifts when demand goes up
11. quantity supplied is greater than quantity demanded
14. ________ advantage – condition that occurs when someone can produce at a lower opportunity cost than other producers
15. ____ of supply - suppliers will normally offer more for sale at higher prices and less at lower prices
17. – an arrangement that brings sellers and buyers together for economic transactions

1. when one item can be used in place of another
3. __________ price - the price at which the quantity supplied in the market matches the quantity demanded in the market
4. term for a government payment to and individual, business or other group
7. a numerical chart that illustrates the law of supply or the law of demand
9. – the development of skills and knowledge associated with one job or one area of expertise
10. the total amount of goods and services consumers are willing to buy at various prices
12. the total amount of goods and services offered for sale at various prices
13. acronym for the 5 reasons for a change in demand
16. the direction a demand curve shifts when demand goes down