Ecolympics 2021 - Microeconomics

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Across
  1. 5. ___________ economy is where economic decisions are passed down from government authority and where resources are owned by the government
  2. 6. _____________ study of the trade-offs and choices that we make, given the fact of scarcity.
  3. 8. A situation in which one firm produces all of the output in a market
  4. 15. The benefits obtained by consumers from purchasing additional units of some product
  5. 17. Consumer ___________ is the combination of goods and services that will maximize an individual’s total utility.
  6. 19. A branch of economics that focuses on the actions of individual agents within the economy, like households, workers, and businesses,
  7. 22. A diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available
  8. 24. The long-run process of firms entering an industry in response to industry profits
  9. 27. A ___________ slope is when x increases, y decreases, and when x decreases, y increases.
  10. 28. An identifying symbol or name for a particular good
  11. 29. A market in which there is a large number of buyers and sellers, so that no one can control the market price
  12. 30. _________ effect is when a firm gets so large that it operates inefficiently, experiencing diseconomies of scale.
  13. 34. ________ costs are the out-of-pocket costs for a firm
  14. 35. The change in the vertical axis divided by the change in the horizontal axis.
  15. 36. Refers to the legal right of the owner of intellectual property.
  16. 37. ________ goods are a good that does not get used up, meaning that if one person uses the public good, another can also use it.
  17. 39. _____________ efficiency is when the mix of goods being produced represents the mix that society most desires.
  18. 40. A _____ monopoly is protected by law from competition.
  19. 42. _______ costs are an opportunity cost of resources already owned by the firm and used in business.
  20. 43. Goods or services that can be used in place of one another
  21. 45. Good or service whose demand decreases when a consumer’s income increases and demand increases when income decreases
  22. 47. Situation where the quantity demanded in a market is greater than the quantity supplied.
  23. 49. Goods or services that are used together because the use of one enhances the use of the other
Down
  1. 1. Assumption of ____________________ (aka theory of rational behavior)
  2. 2. The process of combining inputs to produce outputsMPB The benefits obtained by consumers from purchasing additional units of some product
  3. 3. Income from selling a firm’s product
  4. 4. __________ goods are a good that no one is excluded from using
  5. 7. ______ costs are the costs of production plus the external costs that are passed on to society
  6. 9. A market structure with a small number of firms, none of which can keep the others from having significant influence.
  7. 10. The term economists use to describe the satisfaction or happiness a person gets from consuming a good or service.
  8. 11. Something that would be nice to have, but it’s not absolutely necessary.
  9. 12. A legal minimum price for a product is a price __________.
  10. 13. What a buyer pays for a unit of the specific good or service
  11. 14. ________ goods are goods/services that a consumer can obtain for free because they are abundant relative to the demand
  12. 16. ___________ constraint are all possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent.
  13. 17. The ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
  14. 18. A branch of economics that looks at the economy as a whole.
  15. 20. A market exchange that affects a third party who is outside or “external” to the exchange
  16. 21. If the price is below this point, the firm should shut down immediately
  17. 23. A government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time
  18. 25. A legal maximum price for a product is called a price ____________.
  19. 26. Means that there are never enough resources to satisfy all human wants.
  20. 31. When workers or firms focus on particular tasks for which they are well suited within the overall production process
  21. 32. The long-run process of firms reducing production and shutting down in response to industry losses
  22. 33. ______ costs are the costs of production plus the external costs that are passed on to society
  23. 38. _________ costs that are made in the past and cannot be recovered.
  24. 41. Also referred to as human capital.
  25. 44. Where price and quantity combination where supply equals demand
  26. 46. An economics concept that measures responsiveness of one variable to changes in another variable
  27. 48. __________ returns to scale means expanding all inputs proportionately does not change the average cost of production