Across
- 4. What is the graphical representation of trade-offs?
- 7. What do we call decisions that involve incremental adjustments?
- 9. What is the surplus resulting from price floors?
- 12. What is the price where supply equals demand?
- 13. What is a reduction in total surplus due to a tax?
- 14. What measures responsiveness to price changes?
- 16. What is the ability to produce a good using fewer inputs?
- 18. What term refers to markets that trade internationally?
- 19. What type of goods have demand that rises with income?
- 20. What is demand that does not change much with price?
- 23. What is a simplified representation of the real world?
- 25. What is the cross-effect of a price change in one good on another?
- 27. What type of statement prescribes how the world ought to be?
- 28. What is the willingness and ability to buy a product?
- 29. What measures responsiveness of demand to income changes?
- 30. What term describes people specializing in tasks?
Down
- 1. What is a government-imposed minimum price?
- 2. What term refers to how economists test theories?
- 3. What is a government-imposed maximum price?
- 5. What is the ability to produce a good at a lower opportunity cost?
- 6. What is the burden of a tax called?
- 8. What type of statement describes the world as it is?
- 10. What is the willingness and ability to sell a product?
- 11. What term refers to goods that replace each other?
- 15. What is the exchange of goods and services called?
- 17. What term describes limited resources?
- 21. What principle refers to people responding to incentives?
- 22. What is the next best alternative foregone?
- 24. What is the revenue earned from selling goods?
- 26. What is the concept of trade between two parties?