Economics
Across
- 6. it is the willingness and ability to purchase a quantity of a good or service at a certain price over a given time period
- 9. they are the "bad" effects that are suffered by a third• party when a good or service is produced or consumed.
- 13. it is a measure of the responsiveness of the quantity demanded of a good or service when there is a change in its price.
- 15. they are beneficial effects that are enjoyed by a third party when a good or service is produced or consumed.
- 16. a demand-side policy using changes in the money supply or interest rates to achieve economic objectives relating to inflation and unemployment.
Down
- 1. a simplified model of the economy that shows the flow of money through the economy.
- 2. it is the market-clearing price. It is set where D = S.
- 3. the study of aggregate economic activity. It investigates how the economy as a whole works.
- 4. it is a broad concept involving improvement in standards of living, reduction in poverty, improved health and education.
- 5. states that as the price of a good falls, the quantity demanded will normally increase.
- 7. states that as the price of good rises, the quantity supplied will normally rise.
- 8. demand-side policy using changes in government spending and/or direct taxation to achieve economic objectives relating to inflation and unemployment.
- 10. where a change in the price of a good or service leads to a greater than proportional change in the quantity supplied of the good or service. (PES would be greater than one.)
- 11. it is the willingness and ability of a producer to produce a quantity of a good or service at a given price in a given time period.
- 12. the study of the behaviour of individual consumers, firms, and industries and the determination of market prices and quantities of good, services, and factors of production.
- 14. where a change in the price of a good or service leads to a less than proportional change in the quantity supplied of the good or service. (PES would be greater than one.)