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CROSSWORD CHAPTER 3-4

Across
a change in consumption arising from the effect on real income of a change in the price of goods or services
direct relationship between price and quantity: quantities respond in the same direction as price changes.
the effect on the amount of demand for a product of a change in its relative price
a graph showing how the demand for a commodity or service varies with changes in its price.
an inverse relationship, and an elasticity, between price and quantity of demand
Down
a graph showing how the demand for a commodity or service varies with changes in its price.
the desire for financial gain as an incentive in economic activity: "when suppliers are not driven by the profit motive, they cease to be customer-oriented"
a table or graph showing the quantity of a product that is demanded at selected prices
inverse relationship, and an elasticity, between price and quantity of demand.
is an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.