Economics Crossword

1. Measures responsiveness of supply to a change in the price
5. Good Goods that see an increase in demand when income rises
6. Surplus Difference between how much buyers are prepared to pay and what they actually pay
7. Elasticity Measures percentage change in demand for one good after a price change of another good
8. Surplus Difference between what price suppliers receive and what price they are actually prepared to supply at
10. Situation where supply does not equal demand
13. Function of price - to allocate and ration goods to highest price
15. Paribus Assumes other variable remain unchanged
17. Amount consumers are able and willing to buy at a given price
18. The responsiveness of demand to a change in price

2. Producers who supply the market
3. Demand Goods that are consumed together (ie. milk and cereal)
4. Good Goods that see a fall in demand when income rises
6. Demand Good that is demanded for more than one purpose, so if demand for one use rises, supply for the other falls
8. Elastic A fall in price leads to an infinite level of demand
9. A rise in price leads to a rise in demand. Special Inferior good
11. Price at which supply and demand are equal
12. Changes in price leads to same proportionate change in demand
14. Function of price - to encourage firms, buyers to supply and demand more
16. Demand When demand is greater than supply at this price