ECONOMICS 12 SEATWORK

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Across
  1. 5. a merit good that creates positive externalities by improving welfare
  2. 7. a line showing all combinations of goods a consumer a consumer can buy given income and prices
  3. 11. a line showing combinations of two goods that give equal satisfaction
  4. 15. system through which buyers and sellers exchange goods and services
  5. 17. condition where resources are entirely inefficiently used
  6. 19. when markets fail to allocate resources efficiently
Down
  1. 1. a good with features of a public good but paartly excludable
  2. 2. the advantage or gain from consuming a good or service
  3. 3. a system where prices signal producers and consumers to adjust
  4. 4. a type of externality that benefits others
  5. 6. market failure where both private and social costs are affected
  6. 8. a side effect or spillover that affects third parties
  7. 9. the use of resources to maximize total welfare without waste
  8. 10. prices determined by supply and demand with little government intervention
  9. 12. a type of externality imposing costs on others
  10. 13. when markets lead to unfair income or access differences
  11. 14. the satisfaction a consumer gains from consuming a good or service
  12. 16. contamination of water, or land that harms the environment
  13. 18. a market situation with one dominant seller