Across
- 5. One price compared to another; the ratio between two prices
- 7. The quantity of a good or service that buyers are ready to buy at a given price at a particular time
- 8. Actual price that prevails in a market at any particular moment
- 10. The amount of satisfaction a good or service will provide a customer
- 12. A maximum legal price that businesses can charge for certain products
- 15. The amount of money paid for a good, service, or resource
- 16. The minimum price producers are willing and able to receive for a product
- 17. The situation that exists when demand is greater than supply
Down
- 1. A phenomenon that occurs when changes in relative prices cause buyers to replace the purchase of one product with another
- 2. The best time for consumers to buy; characterized by large supply, small demand, and low prices
- 3. Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
- 4. The best time for producers to sell; characterized by large demand, small supply, and high prices
- 6. A function of relative prices that determines who gets the goods and services produced; determining how scarce resources will be distributed
- 9. The point at which the quantity of a product that buyers want to buy is equal to the quantity that sellers are willing to sell at a certain price; equal to both the demand price and the supply price
- 11. The situation that exists when supply is greater than demand
- 13. The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
- 14. Any circumstance under which buyers and sellers exchange goods or services for a price