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Supply and Demand
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Demand:ability and desire to buy something
lawofdemand:the quantity of a good purchased will vary inversely with its price
substitutioneffect:when consumers react to an increase in a good's price by consuming less of that good an more of another
incomeeffect:can be defined as the change in consumption resulting from a change in real income
demandschedule:table of the quantity demanded of a good at different price levels
marketdemand:schedule table that lists the quantity of a good all consumers in a market will buy at every different price
demandcurve:graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price
ceterisparibus:all other things being equal
normalgoodgoods:for which demand increases when income increases and falls when income decreases but price remains constant
inferiorgood:good that decreases in demand when consumer income rises
complements a good often consumed together with another good in economics
elasticityofdemand:degree to which demand for a good or service varies with its price
elastic:measurement of how changing one economic variable affects others
inelastic:economic term used to describe the situation in which the supply and demand for a good are unaffected when the price changes
totalrevenue:total receipts of a firm from the sale of any given quantity of a product
supply the amount of a product which is available to customers
lawofsupply:fundamental principal of economic theory which states that, all else equal, an increase in price results in an increase in quantity variable quantity, quality and distribution
quantitysupplied:amount of goods or services that are supplied at a given market
supplycurve:graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply
elasticityofsupply:amount of a good firms wish to supply changes in response to a change in price
marketsupplyschedule:The total quantity of commodity supplied at different prices in a market by the whole body of sellers
Supply and Demand
Across:2. | measurement of how changing one economic variable affects others | 4. | total receipts of a firm from the sale of any given quantity of a product | 6. | amount of goods or services that are supplied at a given market | 8. | schedule table that lists the quantity of a good all consumers in a market will buy at every different price | 13. | all other things being equal | 14. | degree to which demand for a good or service varies with its price | 15. | economic term used to describe the situation in which the supply and demand for a good are unaffected when the price changes | 18. | graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price | 19. | fundamental principal of economic theory which states that, all else equal, an increase in price results in an increase in quantity variable quantity, quality and distribution | 20. | The total quantity of commodity supplied at different prices in a market by the whole body of sellers | 21. | |
| | Down:1. | graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply | 3. | | 5. | can be defined as the change in consumption resulting from a change in real income | 7. | amount of a good firms wish to supply changes in response to a change in price | 9. | ability and desire to buy something | 10. | when consumers react to an increase in a good's price by consuming less of that good an more of another | 11. | good that decreases in demand when consumer income rises | 12. | table of the quantity demanded of a good at different price levels | 16. | for which demand increases when income increases and falls when income decreases but price remains constant | 17. | the quantity of a good purchased will vary inversely with its price |
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© 2013
PuzzleFast.com, Noncommercial Use Only
Supply and Demand
Across:2. | measurement of how changing one economic variable affects others | 4. | total receipts of a firm from the sale of any given quantity of a product | 6. | amount of goods or services that are supplied at a given market | 8. | schedule table that lists the quantity of a good all consumers in a market will buy at every different price | 13. | all other things being equal | 14. | degree to which demand for a good or service varies with its price | 15. | economic term used to describe the situation in which the supply and demand for a good are unaffected when the price changes | 18. | graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price | 19. | fundamental principal of economic theory which states that, all else equal, an increase in price results in an increase in quantity variable quantity, quality and distribution | 20. | The total quantity of commodity supplied at different prices in a market by the whole body of sellers | 21. | |
| | Down:1. | graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply | 3. | | 5. | can be defined as the change in consumption resulting from a change in real income | 7. | amount of a good firms wish to supply changes in response to a change in price | 9. | ability and desire to buy something | 10. | when consumers react to an increase in a good's price by consuming less of that good an more of another | 11. | good that decreases in demand when consumer income rises | 12. | table of the quantity demanded of a good at different price levels | 16. | for which demand increases when income increases and falls when income decreases but price remains constant | 17. | the quantity of a good purchased will vary inversely with its price |
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© 2013
PuzzleFast.com, Noncommercial Use Only