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Econ Review Chapters 1 to 9

name
period
date
Across
A legislated price set above equilibrium price
Goods that are seen to be similar in value
A mean that helps decide who gets which goods and services
A good for which demand rises as INCOME falls
A tax on imports
Anywhere where buying and selling takes place
A thing that we desire to have
An economic system in which government plays a small role
The economist who defined capitalism
A visual explanation of the relationship between two products at the same manufacturer
Two good that are usually consumed together
The numerical representation of the law of demand
Principles of conduct
The federal law stating the lowest hourly wage that can be paid to workers
When total cost exceeds total revenue
A legal agreement between two parties. ( people or companies)
The time,energy, trade-offs, tariffs, taxes, (etc) in addition to the price of something
The quality of bringing satisfaction and happiness
Down
The price at which consumers and producers are most happy. where quantity supplied and quantity demanded are the same
A work stoppage
Something that was not foreseen
When quantity supplied exceeds quantity demanded
When total revenue exceeds total cost
A good that is widely accepted for purposes of exchange and in the repayment of debts
Legal protection for an invention or innovation
Any good that is owned by an individual or a business
The graphical representation of the law of demand
The highest valued trade-off
The growing integration of national economies
The willingness and ability to bring a good or service to market
The relationship between price and the willingness and ability to purchase a good or service
A financial payment made by the government ( tax payers money) for certain actions
A legal or mandated limit or goal that must be met
The physical and intellectual talents contributed to the production of goods and services