Economics Ch. 3, 6, & 7 Vocabulary

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Across
  1. 3. agreeing to charge the same or similar prices
  2. 4. quantity demanded is greater than quantity supplied
  3. 5. unintended side effect that either benefits or harms a third party not involved in the activity
  4. 6. real or imagined differences between competing products
  5. 10. quantity supplied is greater than quantity demanded at a given price
  6. 11. set of assumptions and/or relationships that can be used to help analyze behavior and predict outcomes
  7. 13. monetary value of a product
  8. 15. ticket that entitles the holder to a certain amount of a product
  9. 16. prices are relatively stable, and quantity supplied is equal to quantity demanded
  10. 17. maximum legal price that can be charged for a product
  11. 18. belief that government should not interfere with commerce or trade
  12. 19. check sent to producers that makes up the difference between the actual market price and the target price
Down
  1. 1. situation in which average cost of production falls as the firm gets larger
  2. 2. market situation in which costs are minimized because a single firm produces the product
  3. 6. theoretical situation in which well-informed, independent buyers and sellers exchange identical products
  4. 7. legally formed combination of corporations or companies
  5. 8. unwanted harm, cost, or inconvenience suffered by a third party because of the actions of others
  6. 9. situation in which average cost of production falls as the firm gets larger
  7. 12. price that produces neither a surplus nor a shortage
  8. 14. a socially desirable price determined by factors other than the market