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Supply & Demand +

Teacher: Mr. Johnson
Across
Term for when Qd=Qs
Hope of reward or fear of punishment
Economic term that refers to "one more"
Economic term given for a chart showing various Qd figures at different prices.
Risk-taker who sees an opportunity and combines the FOP to meet demand.
Economic term for any type of business
A factor that affects demand
Revenue - Cost
A maximum price set by the gov't.
What one gives up to get something else
A market that has been subjected to disequilibrium pricing
French for "hands off"
Concentration of the productive efforts to one activity
Refers to the market in which firms buy FOP
When Qd of good X increases when P of good Y increases
Key to having a higher standard of living is economic ___
___ makes market economies more efficient than centrally planned economies
Most well-known example of a command economy
Needs are unlimited; resources are limited
Down
P x Q
A ___ market always occurs when a price ceiling is imposed
An economic choice one makes
When income decreases, demand for this type of good increases
Goods bought by firms to produce other goods
Theorized about the "invisible hand"
Latin for "all other things being equal"
Advantage one country has when it can produce a good at a lower opportunity cost than another country
Slope of a typical supply curve
Acronym that refers to how much businesses spend on inputs
Another term for "fair distribution of wealth"
One of the three FOP
Term that best describes the economic system of the U.S.
Factor that affects supply
Primary goal of economists
Refers to the benefit, use, or enjoyment one gets from a product
When the price increases and total revenue decreases.
Measurement of elasticity to determine if goods are complements or substitutes