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Chapter 3 Vocabulary

Ryan Solano

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Across
4.Graphic representation of the relationship between product price and quantity of product.
7.A state or situation in which something needed cannot be obtained in sufficient amounts.
8.A graph showing how the demand for a commodity or service varies with changes in its price.
12.The idea that as prices rise, consumers will replace more expensive items with less costly alternatives.
13.The change in an individual's or economy's income.
15.A situation when the price charged is more than or less than the equilibrium price.
16.Law of economics stating that as a person increases consumption of a product, there is a decline in the marginal utility that person receives from consuming each additional unit.
17.Is a good that decreases in demand when consumer income rises.
18.A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
Down
1.An excess of production or supply over demand.
2.The market price where the quantity of goods supplied is equal to the quantity of goods demanded.
3.Any goods for which demand increases when income increases, and falls when income decreases.
5.A situation when the price charged is more than or less than the equilibrium price.
6.Concerned with producing goods and services with the optimal combination of inputs to produce maximum output for the minimum cost.
9.A change in the entire price-quantity relation that makes up the demand curve.
10.Good whose use is interrelated with the use of an associated or paired good.
11.A product or service that a consumer sees as the same or similar to another product.
14.The quantity of goods that buyers will take at a particular price.

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