ECON 101 - CHAPTER 3/4 Crossword

resources allocated among households and firms with little or no government interference
the market determined opportunity cost of a good or service
the amount of a good or service that a buyer is willing and able to purchase at the current price
other things being equal, quantity demanded falls when prices rise, and rises when prices fall
shows exactly how many units of a good or service will be bought at each price.
graph showing how the demand for a commodity or service varies with changes in its price
total amount of goods and services that all consumers are willing and able to purchase at a specific price in a marketplace.
product or service whose quantity demanded increases as consumer income increases.
_________ good whose demand decreases when consumer income rises
One of two goods that are consumed together to provide satisfaction
an item consumers will purchase in lieu of another product.
graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
total supply of every seller willing and able to sell a good.
factors of production
benefit given by the government to groups or individuals
a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the ( equilibrium ) values of economic variables will not change.
difference between the willingness to pay for a good and the price that is paid to get it
the _______ to pay is the maximum price a consumer will pay for a good
the total amount that a producer benefits from producing and selling a quantity of a good at the market price.
the ______ to sell is the minimum price a seller will sell a good for
the sum of consumer surplus and producer surplus
the fairness of distribution of benefits within the society
an illegal market is known as the ______ market