CNY Holiday Homework

12345678910111213141516171819202122232425
Across
  1. 2. ___________ Price (Price Ceiling): A legal price set below the market equilibrium to make goods affordable.
  2. 3. The quantity of a good or service consumers are willing and able to buy at a given price over a period of time.
  3. 5. Measures the responsiveness of quantity supplied to a change in price.
  4. 8. Measures the responsiveness of demand to a change in income.
  5. 11. The difference between what a consumer is willing to pay for a good and what they actually pay. (Two Words)
  6. 13. Aggregate ___________: The total quantity of output (real GDP) that firms in an economy will produce and sell.
  7. 14. A situation where people who are able, available, and willing to work are unable to find a job. Key types include frictional, structural, and cyclical.
  8. 16. Flow of Income: A model illustrating the flow of money, goods, and services between households and firms, often including government and foreign trade.
  9. 17. Measures the responsiveness of quantity demanded to a change in price.
  10. 18. The fundamental economic problem of having unlimited human wants in a world of limited resources.
  11. 19. _________ Goods: A good that is undesirable for consumers and is overprovided by the market because of information failure
  12. 21. __________ Surplus: The difference between the price a producer receives for a good and the minimum price they were willing to accept.
  13. 22. The extent to which the tax burden is borne by the consumer or producer or both
  14. 23. A government payment to producers to lower costs and encourage production of a good or service.
  15. 24. _________ Coefficient: numerical measure of income inequality
  16. 25. ____________ Statement: A factual claim about what is or will be, which can be tested.
Down
  1. 1. The quantity of a good or service producers are willing and able to sell at a given price over a period of time.
  2. 4. ___________ Price (Price Floor): A legal price set above the market equilibrium to protect producers' income.
  3. 6. The value of the next best alternative forgone when making a choice. (Two Words)
  4. 7. ___________ Tax: A tax on expenditure, such as VAT.
  5. 9. _________ Growth: An increase in the real output of an economy over time, measured by changes in real Gross Domestic Product.
  6. 10. ________ Goods: Goods that are non-excludable (people cannot be prevented from using them) and non-rivalrous
  7. 12. A sustained increase in the general price level in an economy over a period of time
  8. 15. Aggregate ____________: Total spending in an economy on domestic goods and services. It consists of consumption, investment, government expenditure, and net exports.
  9. 20. Measures the responsiveness of demand for one good to a change in the price of another good.
  10. 24. ______: The total value of all goods and services produced within a country's borders in a given time period.