Economics Crossword

A table that shows the relationship between the price of a good and the quantity demanded
The point where the demand curve and the supply curve intersect
Consumers buy more as their income falls, holding other things constant
Resources used in the production process
Sum of the quantities supplied by each seller in the market at each price
Resources are allocated among households and firms with little or no government interference
Consumers buy more as their income rises, holding other things constant
Market determined opportunity cost of a good or service
Whenever the quantity supplied is less than the quantity demanded
Payment made by the government to encourage the consumption or production of a good or service
Whenever the quantity supplied is greater than the quantity demanded
Illegal markets that arise where either illegal goods are sold or legal goods are sold at illegal prices
Difference between the willingness to pay for a good and the price that is paid to get it
An allocation of resources maximizes total surplus
Fairness of the distribution of the benefits within the society
The lowest hourly wage rate that firms may legally pay their workers
Legally established maximum price for a good or service
Attempts to set prices through government involvement in the market
Legally established minimum price for a good or service
Place a temporary ceiling on the prices sellers can charge during times of emergency until markets function normally again
Difference between the willingness to sell a good and the price that the seller receives
Sum of consumer surplus and producer surplus
Maximum price a consumer will pay for a good
Minimum price a seller will accept to sell a good or service
Table that shows the relationship between the price of a good and the quantity supplied