Efficiency of Market Equilibrium

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Across
  1. 2. A tax on imported goods.
  2. 3. ... efficiency - A state of the economy in which preferences for the consumer and producer are aligned.
  3. 7. As price increases, quantity supplied increases ceteris paribus (3,2,6).
  4. 11. Government ... - What the Government earns through taxes.
  5. 12. When quantity demanded is greater than quantity supplied.
  6. 13. A payment by the Government per unit of a good produced.
  7. 14. Mention this as quantity changes - there are more or less of these to gain a surplus on.
  8. 15. The amount consumers pay for a good or service.
Down
  1. 1. Less barriers to trading between countries (4,5).
  2. 4. ... surplus - The difference between what a buyer is willing and able to pay versus what they actually pay.
  3. 5. ... surplus - The difference between what a seller is willing and able to receive for a good versus what they actually receive.
  4. 6. A set quantity imposed by the Government.
  5. 8. - This can be a minimum or maximum - a price set by the Government that must be adhered to by law (5,7).
  6. 9. The amount bought/sold of a good or service.
  7. 10. When quantity supplied is greater than quantity demanded