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