Demand and Supply Crossword Puzzle

QUESTIONS LIST:

• demand: the desire for a particular good backed up by sufficient purchasing power.
• shortage: this occurs when the quantity demanded exceeds the quantity supplied.
• surplus: this occurs when the price for a product or service is lower than the highest price a consumer would willingly pay.
• potential demand: the demand which is not backed up by the ability to pay or no purchasing power.
• market equilibrium: this is the state in which market supply and demand balance each other, and as a result prices become stable.
• effective demand: the demand which is backed up by the ability to pay.
• supply: this is the quantity of a commodity that is in the market and available for purchase at a particular price.
• demand schedule: this reflects the quantities of goods and services demanded by a consumer or an aggregate of consumers at any given price.
• supply schedule: this shows the different quantities that are offered for sale at various prices.
• non-price factor: other term for determinants of demand
• market: this is a place where buyers and sellers interact with each other, and that exchange takes place among them.
• purchasing power: the amount of goods or services that a certain amount of money
• can buy at a given time.
• ceteris paribus: the assumption wherein it assumes that “all other things equal or constant.”
• alfred marshall: introduced a kind of pricing scheme by combining the law of demand and the law of supply.