Econ terms 2.1 - 2.4

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Across
  1. 2. the curve that represents the quantity supplied in relation to the price.
  2. 5. the positive relationship that exists between price and the quantity supplied.
  3. 6. A market structure with many buyers and sellers who compete to ensure that no consumer or producer has the power to dictate the market.
  4. 9. goods that satisfy similar needs.
  5. 10. the benefit that consumers receive from selling goods at a price higher than what they are willing to sell.
  6. 12. The satisfaction that comes from consuming something.
  7. 13. A process where rivals compete to achieve some objectives.
  8. 15. the sum of all individual demands for a good
  9. 16. when quantity demanded is equal to the quantity supplied
  10. 24. the period during which at least one input is fixed and cannot be changed by the firm.
  11. 25. Consumer's real income increases because of a fall in price
  12. 27. A payment made to the firm by the government
  13. 29. the variables other than price that influence the supply and demand.
  14. 31. when the quantity demanded is less than the quantity supplied.
  15. 33. When the quantity of goods mostly wanted by society are produced
  16. 35. the extra cost of producing an extra unit.
  17. 36. prices communicate information to decision makers
  18. 37. An arrangement where buyers and sellers of goods, services or resources are linked together to make an exchange.
  19. 38. prices motivate decision makers.
  20. 39. when the quantity demanded is greater than the quantity supplied.
  21. 41. The additional benefit derived from one buying an additional unit of something
  22. 42. When markets fail to achieve allocative efficiency and social surplus is reduced.
  23. 43. As consumption of a good increases the marginal utility decreases
  24. 45. price determined by the forces of supply and demand in competitive markets are known as?
  25. 46. with the addition of a variable input to a fixed input such as land the marginal product initially increases but then it decreases.
Down
  1. 1. the extra output produced by one additional unit of a variable input like labor.
  2. 3. the price at equilibrium
  3. 4. is the amount of social surplus.
  4. 5. The period when all inputs can be changed
  5. 7. defined as a state of balance
  6. 8. the quantity at equilibrium
  7. 11. the sum of consumer and producer surplus.
  8. 14. The quantity supplied at different price points.
  9. 17. the difference between the highest amount consumers is willing to pay and what they are actually payed
  10. 18. Goods that tend to be used together.
  11. 19. the production of goods that are derived from a single product.
  12. 20. quantity demanded is equal to the quantity supplied and there is no tendency for the price to change
  13. 21. total quantity of output produced by firm
  14. 22. the curve that illustrates the relationship between quantity demanded and price.
  15. 23. the negative relationship between the price of a good and the quantity demanded.
  16. 26. If the price of a good falls the consumer buys more of the now cheaper goods.
  17. 28. all costs of production incurred by a firm
  18. 30. goods that compete for the use of the same resources.
  19. 32. Goods whose demand decreases in response to an increase in consumer income.
  20. 34. Goods whose demand increases with an increase in consumer income.
  21. 40. the sum of all individual supplies for a good.
  22. 44. the consumer's desire and ability to purchase a good and service. Additionally, it shows the various quantities of a good a consumer is willing and able to buy at different price points.