Ecolympics 2021 - Microeconomics!

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