Microeconomic, part 1 (A - I)

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Across
  1. 6. A pair of goods where the quantity demanded of one increases when the price of a related good decreases.
  2. 9. A situation where an economic agent, region or country can produce a good with a smaller quantity of inputs relative to other agents.
  3. 11. A condition where there is no tendency for an economic variable to change.
  4. 13. The difference between what a consumer is willing to pay for each unit of a commodity consumed and the price actually paid.
  5. 14. A market outcome where economic welfare is maximized -- where the price (marginal benefit) of a product traded is equal to the marginal (opportunity) cost of production.
  6. 17. Characteristics or attributes that lead to participation in the production process or participation as a buyer of certain products.
  7. 18. The sum of producer surplus and consumer surplus generated by market activity. For each unit traded, this welfare is the difference between the marginal value of a good and marginal (opportunity) cost.
  8. 19. An increase in the aggregate price level -- all prices rising. Typically measured via the Consumer Price Index, Producer Price Index or GDP Deflator.
  9. 20. These types of Goods and services that are purchased for direct consumption.
  10. 22. A game theoretic outcome where the choice of one player is the same independent of choices made by other players in the game.
  11. 24. A firm operating in an industry where barriers to entry exist or heterogeneous products are sold. A firm with almost no price making power.
  12. 25. A reaction of consumer's demand for goods or services due to changes in purchasing power holding relative prices constant (see Substitution Effect).
  13. 26. A measure of inefficiency in resource allocation caused by market distortions. This loss occurs when the price (marginal benefit) differs from the marginal costs.
  14. 28. Barriers that prevent new firms from entering a market due to lack of access to raw materials or production technology.
Down
  1. 1. Goods (or services) used to produce other goods (i.e., capital equipment).
  2. 2. A good where quantity demanded decreases when consumer income increases (there is an inverse relationship between quantity demanded and income).
  3. 3. An exhaustive list of inputs required for any type of production.
  4. 4. A situation where one economic agent, region or country can produce a good at a lower opportunity costs relative to other agents.
  5. 5. )Total costs divided by the level of output. Equal to Average Fixed Costs + Average Variable Costs.
  6. 7. Using factor inputs consistent with the marginal contribution to revenue being equal to their marginal (opportunity) cost. A condition where an increase in the production of one good required factor inputs to be reallocated from production of other goods.
  7. 8. A measure of sensitivity in the quantity demanded of one goods in reaction to changes in the price of a related good.
  8. 10. )Variable costs divided by the level of output. With diminishing marginal productivity, these per-unit costs tend to rise with output.
  9. 12. A measure of sensitivity of quantity demanded to changes in consumer income.
  10. 15. Total fixed costs divided by the level of output. As output increases, these per-unit fixed costs asymtotically (sp) decrease.
  11. 16. A modeling technique that accounts for strategic behavior of economic agents reacting to the actions of others, usually in a grid system with 2 actors.
  12. 21. Economic, natural or physical conditions that make it difficult and maybe impossible for new firms to enter a market and compete away any abnormal profits that may exist.
  13. 23. A per-unit tax applied (added) the the price of a product sold.
  14. 27. A relationship between market price and quantities of goods and services purchased in a given period of time. Represents the behavior of buyers in the market place.