Economics Semester 2

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Across
  1. 1. society not having enough resources to produce all the things people would like to have
  2. 3. market structure with only one seller of a particular product
  3. 5. excess supply
  4. 6. very responsive to price changes
  5. 8. desire to own something and ability to pay for it
  6. 9. one additional unit
  7. 13. struggle among sellers to attract consumers with the best products at lowest prices
  8. 14. private citizens own and use the factors of production in order to generate profits
  9. 16. monetary value of a product
  10. 18. grant of funds from the government
  11. 19. goods that consumers demand more of when their income increases
  12. 20. work or labor
  13. 21. capacity to be useful and give satisfaction
  14. 22. able to absorb unexpected shocks
  15. 24. fuel created from living material
Down
  1. 2. relatively unresponsive to price changes
  2. 4. exclusive right of authors or artists to publish their work for their lifetime plus 70 years
  3. 6. another name for spillover effect
  4. 7. federal health insurance program for senior citizens
  5. 10. excess demand
  6. 11. Risk taking individual in a search of profits
  7. 12. tangible product
  8. 15. goods used in place of one another
  9. 17. legal document that pledges ownership of a home to a lender as security for repayment of borrowed money
  10. 23. group of firms that produce identical or similar products