ECONOMIC THEORY

123456789101112131415161718192021222324252627282930
Across
  1. 4. What is the graphical representation of trade-offs?
  2. 7. What do we call decisions that involve incremental adjustments?
  3. 9. What is the surplus resulting from price floors?
  4. 12. What is the price where supply equals demand?
  5. 13. What is a reduction in total surplus due to a tax?
  6. 14. What measures responsiveness to price changes?
  7. 16. What is the ability to produce a good using fewer inputs?
  8. 18. What term refers to markets that trade internationally?
  9. 19. What type of goods have demand that rises with income?
  10. 20. What is demand that does not change much with price?
  11. 23. What is a simplified representation of the real world?
  12. 25. What is the cross-effect of a price change in one good on another?
  13. 27. What type of statement prescribes how the world ought to be?
  14. 28. What is the willingness and ability to buy a product?
  15. 29. What measures responsiveness of demand to income changes?
  16. 30. What term describes people specializing in tasks?
Down
  1. 1. What is a government-imposed minimum price?
  2. 2. What term refers to how economists test theories?
  3. 3. What is a government-imposed maximum price?
  4. 5. What is the ability to produce a good at a lower opportunity cost?
  5. 6. What is the burden of a tax called?
  6. 8. What type of statement describes the world as it is?
  7. 10. What is the willingness and ability to sell a product?
  8. 11. What term refers to goods that replace each other?
  9. 15. What is the exchange of goods and services called?
  10. 17. What term describes limited resources?
  11. 21. What principle refers to people responding to incentives?
  12. 22. What is the next best alternative foregone?
  13. 24. What is the revenue earned from selling goods?
  14. 26. What is the concept of trade between two parties?