Across
- 3. a table that shows the relationship between the price of a good and the quantity demanded
- 4. A business owned by one person
- 5. A market in which there are many buyers but only one seller.
- 7. fixed costs plus variable costs
- 10. A legal maximum on the price at which a good can be sold
- 12. economy Economic decisions are made by individuals or the open market.
- 14. money received, especially on a regular basis, for work or through investments.
- 15. A legal minimum on the price at which a good can be sold
- 18. Price x Quantity
- 19. a graph of the relationship between the price of a good and the quantity supplied
- 20. What you expect prices to do in the future can influence your buying habits today.
Down
- 1. when consumers react to an increase in a good's price by consuming less of that good and more of other goods
- 2. an establishment formed to carry on commercial enterprise
- 6. A focus on a particular activity or area of study
- 8. the cost of producing one more unit of a good
- 9. total revenue minus total cost
- 11. Trends and fashions that are highly desirable to the consumer
- 13. the change in consumption resulting from a change in real income
- 16. A market structure in which a few large firms dominate a market
- 17. The application of scientific knowledge for practical purposes