Economics Semester Final

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Across
  1. 3. a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
  2. 4. the study of economy-wide phenomena, including inflation, unemployment, and economic growth
  3. 5. the claim that, other things equal, the quantity demanded of a good falls when the price of the good rises
  4. 8. small incremental adjustments to a plan of action
  5. 9. claims that attempt to describe the world as it is
  6. 10. the study of how society manages its scarce resources
  7. 12. claims that attempt to prescribe how the world should be
  8. 13. a graph of the relationship between the price of a good and the quantity demanded
  9. 14. a visual model of the economy that shows how dollars flow through markets among households and firms
  10. 16. the ability to produce a good using fewer inputs than another producer
  11. 18. whatever must be given up to obtain some item
  12. 19. a situation in which quantity demanded is greater than quantity supplied
  13. 20. the claim that the price of any good adjusts to bring the quantity supplied and the quantity demanded for that good into balance
  14. 24. the limited nature of society’s resources
  15. 25. a good for which, other things equal, an increase in income leads to a decrease in demand
  16. 26. the quantity supplied and the quantity demanded at the equilibrium price
  17. 29. spending by households on goods and services, with the exception of purchases of new housing
  18. 30. a table that shows the relationship between the price of a good and the quantity demanded
  19. 32. a situation in which a market left on its own fails to allocate resources efficiently
  20. 33. the price that balances quantity supplied and quantity demanded
  21. 38. a situation in which quantity supplied is greater than quantity demanded
  22. 42. the quantity of goods and services produced from each unit of labor input
  23. 43. a table that shows the relationship between the price of a good and the quantity supplied
  24. 44. an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
  25. 45. the claim that, other things equal, the quantity supplied of a good rises when the price of the good rises
Down
  1. 1. two goods for which an increase in the price of one leads to a decrease in the demand for the other
  2. 2. an increase in the overall level of prices in the economy
  3. 3. the ability to produce a good at a lower opportunity cost than another producer
  4. 6. a good for which, other things equal, an increase in income leads to an increase in demand
  5. 7. people who systematically and purposefully do the best they can to achieve their objectives
  6. 9. a graph that shows the combinations of output that the economy can possibly produce given the available factors of production and the available production technology
  7. 11. the property of distributing economic prosperity uniformly among the members of society
  8. 15. the ability of a single economic actor (or small group of actors) to have a substantial influence on market prices
  9. 17. goods produced domestically and sold abroad
  10. 21. the study of how households and firms make decisions and how they interact in markets
  11. 22. a group of buyers and sellers of a particular good or service
  12. 23. two goods for which an increase in the price of one leads to an increase in the demand for the other
  13. 27. the amount of a good that sellers are willing and able to sell
  14. 28. the amount of a good that buyers are willing and able to purchase
  15. 31. the property of society getting the most it can from its scarce resources
  16. 34. something that induces a person to act
  17. 35. goods produced abroad and sold domestically
  18. 36. the ability of an individual to own and exercise control over scarce resources
  19. 37. the uncompensated impact of one person’s actions on the well-being of a bystander
  20. 39. fluctuations in economic activity, such as employment and production
  21. 40. a situation in which the market price has reached the level at which quantity supplied equals quantity demanded
  22. 41. a graph of the relationship between the price of a good and the quantity supplied