ECON101 Crossword

Across

1. one producer's ability to make more than another producer with the same quantity of resources
4. a single seller supplies the entire market for a good or service
5. illegal markets that arise when price controls are in place
6. growth in the overall level of prices in the economy
11. attempt to set prices through government involvement in the market
12. lowest hourly wage rate that firms may legally pay their workers
13. voluntary exchange of goods and services betw. two or more parties
15. payment made by the government to encourage the consumption or production of a good or service
16. when overall prices fall
20. when a worker who is not currently employed searches for a job without success
21. the highest valued alternative that must be sacrificed to get something else
22. how easily something can be spent
26. a number of firms are small and there are high barriers to enter
28. the purchase of final goods and services by households, excluding new housing
29. restrictions that make it difficult for new firms to enter the market
32. when quantity supplied exceeds the quantity demanded
33. another word for "other things being equal"
36. a model that shows the combinations of outputs a society can produce if all its resources are being used efficiently
39. people in the market only partially adjust to market conditions
41. no control over price set by market; accepts price determined from overall supply and demand conditions
44. convey info about the profitability of the market
45. the good or service a firm produces
48. ceterus paribus, quantity demanded falls when price rises and vice versa
51. goods and services produced abroad but purchased and used domestically
52. legally established maximum price for a good or service
55. limiting one's work to a particular area
56. many buyers and sellers; each has a small impact on the market price & output
57. decrease in economic activity caused by market distortions. Fewer trades = reduction of combined consumer and producer surplus
58. the opportunity cost of using resources already owned for one purpose rather than another

Down

2. calculated by subtracting both the implicit and explicit costs from total revenue
3. the way firms in a particular market are interconnected
7. the financial obligations a firm owes to others
8. portion of bank deposits that are set aside and not loaned out
9. contains components of both capitalist and command economies
10. market forces that guide resources to their highest-valued use
14. calculated by subtracting the explicit costs from total revenue
17. the opportunity cost of producing a good rises as a society produces more of it
18. tangible out-of-pocket expenses
19. when total revenue is less than total cost
23. ownership shares in a firm
24. money with no value except as a medium of exchange
25. items a firm owns
27. excess demand
30. two goods that are used in place of each other
31. goods and services produced domestically but purchased and used abroad
34. fairness of distribution of benefits among members of a society
35. when total revenue is higher than total cost
37. people in the market can fully adjust to market conditions
38. equals the buyer's willingness to pay minus the price actually paid
40. the increase in cost from producing one additional unit of output
42. legally established minimum price for a good or service
43. total cost of producing a particular amount of output, divided by the amount of output
46. ceterus paribus, quantity supplied of a good rises when price of the good rises and vice versa
47. private spending on the tools, plant, and equipment used to produce future output
49. factors that motivate a person to act or exert effort
50. has some control over the price it charges
53. a cash payment to stockholders for each share of stock owned
54. the inherently limited nature of society's resources