How markets work 1

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Across
  1. 3. Achieving the highest possible level of satisfaction or profit from a decision or resource allocation (10, 8)
  2. 5. A measure of how sensitive the quantity demanded of a good is to changes in its price (5, 10, 2, 6)
  3. 8. Products that are typically used together, where a price change in one affects the demand for the other (10)
  4. 10. Consumer trends and styles that influence what people want to buy and how demand changes over time (7)
  5. 11. External factors other than price, such as income, advertising, or population changes, that influence the level of demand (10, 2, 6)
  6. 17. Variations in the number or demographics of people in a region, which can impact the demand for goods and services (10, 7)
  7. 18. The purchasing power of income after adjusting for inflation, reflecting how much can actually be bought (4, 6)
  8. 20. A change in demand caused by non-price factors like income, tastes, or the price of related goods, moving the entire demand graph (6, 2, 3, 6, 5)
  9. 22. An increase in the quantity demanded of a good or service due to a fall in its price (9, 2, 6)
  10. 23. Government-imposed rules or laws designed to regulate economic activity, such as protecting consumers or markets (11)
  11. 24. A measure showing how the demand for one product changes in response to the price change of another related product (5, 10, 2, 6)
  12. 25. A change in the quantity demanded caused solely by a change in the price of a product, with no other factors involved (8, 5, 3, 6, 5)
Down
  1. 1. Non-essential goods or services that consumers purchase when incomes are higher, such as holidays or designer goods (8)
  2. 2. The cost of substitutes or complementary products that can influence the demand for a particular good (5, 2, 5, 5)
  3. 4. The economic principle stating that as more units of a good are consumed, the satisfaction gained from each additional unit decreases (11, 8, 8)
  4. 6. The process where individuals or businesses make choices based on comparing costs with benefits to achieve the best possible outcome (8, 8, 6)
  5. 7. Goods that can be used in place of each other, where a rise in the price of one increases the demand for the other (11)
  6. 9. A measure of the overall well-being of society, reflecting the benefits enjoyed by consumers and producers (8, 7)
  7. 12. A graph illustrating how the price of a good affects the quantity that consumers are willing to purchase (6, 5)
  8. 13. Products whose demand decreases when consumer incomes rise, often replaced by higher-quality alternatives (8, 5)
  9. 14. The quantity of a good or service that consumers are willing and able to buy at various prices in a given time period (6)
  10. 15. The responsiveness of demand for a good to changes in consumer income, identifying goods as normal or inferior (6, 10, 2, 6)
  11. 16. A decrease in the quantity demanded of a product when its price rises, assuming all other factors remain constant (10, 2, 6)
  12. 19. Essential goods or services that people need for survival, with demand remaining stable regardless of income (11)
  13. 21. The use of promotions, media, and campaigns to increase awareness and influence consumer demand for products or services (11)