Important Economics Terms (Normal)

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Across
  1. 5. Two words, classification of a market based on it's competitive features
  2. 7. General willingness of consumers to buy a specific quantity of a product at various prices
  3. 10. Synonym for rivalry; in economics, refers to rivalry between firms to supply and consumers to buy
  4. 11. Market structure wherein only one firm is producing a given product
  5. 13. Two words, goods consumed less often as incomes go up
  6. 14. Used to define something that produces as much as it can with as little waste as it can
  7. 15. Products a given country buys from other countries
Down
  1. 1. The system of economics in which economic questions are answered by society
  2. 2. Two words, goods consumed more often as incomes go up
  3. 3. Anything accepted as a medium of exchange, a unit of account, and a store of value
  4. 4. Two words, cost of acquiring resources needed to make products
  5. 6. Voluntary exchange of one thing for another thing
  6. 8. General willingness of firms to produce a specific quantity of a product at various prices
  7. 9. When firms secretly agree to work together to remove competition
  8. 12. Products a given country sells to other countries