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Economic Vocab Word Search

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

  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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