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Unit 2 Honors Econ Vocab

Across
All other things held constant
Government payment that supports a business or market (Hint: causes the supply of a good to increase)
The monetary value of a product
System of allocating goods and services without prices
Measure of the way quantity supplied reacts to a change in price
Products that increase the use of other products
The change in output from hiring one additional unit of labor, or worker
The point at which supply and demand come together and the market balances. (Hint: "market clearing price")
Change in quantity demanded because of a shift in relative prices
A figure that shows how total output changes when the amount of a single variable input changes while all other inputs are held constant
A change int he independent variable generates a proportional change of the dependent variable
Demand for a good that is very sensitive to changes in price
The usefulness or satisfaction that someone gets from the use of a product
Down
A fuel created from living materials
How much of a good firms are willing to offer in the marketplace at any given price
A table that lists the quantity of a good all consumers in a market will buy at each different price
Excess demand
Excise tax on the production or sale of a good, reduces supply of the target good
Excess supply
Quantity of output supplied that is equal to the quantity demanded at the equilibrium price
Price where quantity supplied equals quantity demanded
Government steps into a market to affect the price, quantity, or quality of a good; usually raises costs
Something that motivates
Competing products that can be used in place of one another