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