Economic Vocab Word Search

Question or Hint Answer or Word
  1. economic law that states that consumers buy more of a good when its price decreases and less when its price increases law of demand
  2. ____ effect: when consumers react to an increase in a good’s price by substituting it with a similar product substitution
  3. when the price of a product gets higher, the producer supplies more law of supply
  4. too much demand, not enough supply excess demand
  5. too much supplied, not enough demanded excess supply
  6. the point at which quantity demanded and quantity supplied are balanced equilibrium
  7. a maximum price that can be legally charged for a good or service price ceiling
  8. a minimum price that an employer can pay a worker for an hour of labour minimum wage
  9. coins and paper bills used as money currency
  10. ___ money: objects that have value in themselves as well as for use as money commodity
  11. ___ money: money that has value because the government has ordered that it is an acceptable means to pay debts fiat
  12. ___ money: objects that have value because the holder can exchange them for something else of value representative
  13. a business owned and managed by a single individual sole proprietorship
  14. law in a city or town that designates separate areas for residency and for business zoning law
  15. a business organization owned by two or more persons who agree on a specific division of responsibilities and profits partnership
  16. a legal entity owned by individual stockholders corporation
  17. an income level below which income is insufficient to support families or households poverty threshold
  18. the percentage of people who live in households with incomes below the poverty threshold poverty rate
  19. a program requiring work in exchange for temporary assistance workfare
  20. ___ goods: two products that are used together complimentary

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