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Economics Chapters 4,5, & 6.

Across
two goods that are used together
the difference between the willingness to pay for a good and the price that is paid to get it
a person who conceives and starts a business
the resources used in the production process
the fairness of the distribution of benefits within a society
the lowest hourly wage rate that firms may legally pay their workers
the result of total revenue being less than the total cost
costs that change with the rate of output
the amount of a good or service that the buyers are willing and able to purchase at the current price
Goods that are used in place of each other
Individuals tasked with a certain assignment
The production that firms create
legally established minimum prices for goods and services
an attempt to set prices through government involvement in the market
Down
a good that consumers buy more of as income falls, holding other things constant
the difference between the willingness to sell a good and the price that the seller receives
a market condition when the quantity supplied of a good is less than the quantity demanded
the amount of a good or service that producers are willing and able to sell at the current price
a condition occurring at the point where the demand curve and supply curve intersect
inputs that can be easily changed, thereby altering output levels
the period of time in which only some parts of the economy adjust
A payment made by the government to encourage the consumption or production of a good or service
A negative result in loss or the total revenue minus the total cost
the market-determined O-C of a good or service and the key determinant of how market economies allocate goods and services