Economics Crossword

2. A market with only one seller
6. The transfer of public sector assets to the private sector
8. Government payment to encourage production or consumption of certain goods
10. The cost of the next best alternative forgone when making a decision
12. The part of income that households do not spend on goods and services
13. A legal maximum price that can be charged for a good or service
14. A measure of the responsiveness of quantity demanded to a change in price

1. A general rise in the price level of goods and services in an economy
3. The total amount of goods and services produced in an economy in a given period
4. A Market failure that occurs when the actions of producers or consumers impose costs on third parties
5. When resources are allocated by market forces without government intervention
7. The amount by which quantity supplied is greater than quantity demanded
8. When demand exceeds supply, leading to upward pressure on prices
9. Goods that are used together, like cars and petrol
11. The reward for the factor of production called ‘land’