Economic Vocab Word Search

Question or Hint Answer or Word

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

Report Abuse / Suggest Correction

Economic Vocab Word Search

Quick Feedback for Knowledge Mouse