Economics Key Terms

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Across
  1. 3. abbreviation for the measure of the responsiveness of demand to a change in price
  2. 4. abbreviation for the curve that represents the production possibility of an economy
  3. 5. ____ goods - a good with no opportunity cost
  4. 6. ________ problem caused by unlimited wants and finite resources
  5. 7. medium of exchange
  6. 8. a good that is usually under-consumed but is good for the economy
  7. 9. bank which is responsible for supervising the banking system in the economy
  8. 10. the amount of a good/service that a consumer is willing & able to purchase
  9. 11. the amount of a good/service that a producer is willing & able to produce
  10. 12. cost of borrowing money
Down
  1. 1. to give up the next best alternative when making a choice
  2. 2. the study of smaller-scale units within the economy
  3. 8. this happens when the market fails to achieve an optimal allocation of resources