Economics Vocab Crossword

2. an economy to achieve the maximum quantity of output from a given quantity of productive efficiency
7. the overuse or destruction of a common property good because it has no price and so market do not ration its consumption
8. indirect costs and benefits associated with the production and consumption of certain goods and services that the market fails to take into account
9. productive resources are used in the economy in combinations that generate maximum benefits for consumers and the country.
15. large number of buyers and sellers are exchanging similar but not identical products
16. the market situation in which a small number of firms are selling similar but not identical products

1. a process of imposing a set of government laws and rules on a market
3. a price fixed by the government at a lower level than what would be established by the free operation of the price mechanism
4. a good or service produced in sufficient quantities because individuals don't value them highly enough to pay for them, a private good with positive externalities
5. a theoretical market structure in which buyers and sellers trade a homogenous product, there are no barriers to entering the market and all producers are price takers
6. an economy to respond to changing consumer demands by reallocating resources to new industries or production processes
10. a private good with negative externalities
11. a price fixed by the government at a higher level than what would be established by the free operation of the price mechanism
12. the inability of the market to determine the use and allocstion of resources in the way society most desires
13. goods such as national defence and can be easily consumed by people that are not paying for the good
14. the market situation in which one seller sells a product for which there is no close substitute allowing it to be the price setter