Y11 ATAR Economics Revision

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Across
  1. 2. a legislated maximum price that sellers are allowed to charge in a market
  2. 4. when total surplus is reduced because of either under or overproduction
  3. 6. the difference between what the producer is willing to receive and what they actually receive
  4. 7. the responsiveness of quantity demanded to a change in price
  5. 13. floor a legislated minimum price that sellers are allowed to charge in a market
  6. 16. An example of market power
  7. 17. Driving cars that creates pollution and traffic
  8. 19. the responsiveness of the demand for one good to a change in the price of a related good
  9. 21. To encourage positive externalities, the govt policy that should be used is a…
  10. 23. the responsiveness of of quantity supplied to a change in price
  11. 25. A student paying HECS to attend university and become a productive member of society
Down
  1. 1. Positive income elastic goods are also known as…
  2. 3. If PED is greater than 1 it is…
  3. 5. It is more efficient to tax which type good? Elastic or inelastic
  4. 8. To reduce negative externalities, the govt policy should be used is a…
  5. 9. Shifters of the demand and supply curve
  6. 10. This represents the sellers or producers side of a market
  7. 11. The buying intentions of consumers
  8. 12. Public goods (free riders) and Common resources (tragedy of commons) are more examples of
  9. 14. the responsiveness of demand to a change in consumer income
  10. 15. the measure of the net benefits to society from the production and consumption of a good
  11. 18. A good is more elastic if there are more…
  12. 20. Having unlimited wants but limited resources
  13. 22. the difference between what a consumer is prepared to pay and what they actually pay
  14. 24. A market restriction (such as taxi licences) causes a …........ In a market