3.3 Economic Concepts

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Across
  1. 2. A desire not required to sustain life.
  2. 6. When Qd changes by a greater proportion than the change in price
  3. 9. When Qd changes by the same proportion as price
  4. 11. Responsiveness of quantity to a change in price (or income)
  5. 12. Law that reflects decreasing extra satisfaction
  6. 15. Resources used to make goods/provide services
  7. 17. The revenue less expenses of a firm
  8. 18. Good of lower quality and less expensive than normal goods
  9. 19. Rule that states that consumers are in balance when Pa/MU = Pb/MUb
  10. 20. A good/service required to sustain life.
Down
  1. 1. Extra/additional satisfaction from consuming an extra unit
  2. 3. The earnings of a firm
  3. 4. Time-frame when all factors of production are fixed (PES=0)
  4. 5. The responsiveness of Qd to a change in earnings
  5. 7. Time-frame when at least one factor of production is fixed (0<PES<1)
  6. 8. Goods that can be used instead of another
  7. 10. Rule that states that consumer will buy until P=MU
  8. 13. When Qd changes by a smaller proportion than the change in price
  9. 14. Time-frame when all factors of production are variable (PES>1)
  10. 16. Satisfaction gained from consumption