ECONOMICS 12 SEATWORK

5. a merit good that creates positive externalities by improving welfare
7. a line showing all combinations of goods a consumer a consumer can buy given income and prices
11. a line showing combinations of two goods that give equal satisfaction
15. system through which buyers and sellers exchange goods and services
17. condition where resources are entirely inefficiently used
19. when markets fail to allocate resources efficiently

1. a good with features of a public good but paartly excludable
2. the advantage or gain from consuming a good or service
3. a system where prices signal producers and consumers to adjust
4. a type of externality that benefits others
6. market failure where both private and social costs are affected
8. a side effect or spillover that affects third parties
9. the use of resources to maximize total welfare without waste
10. prices determined by supply and demand with little government intervention
12. a type of externality imposing costs on others
13. when markets lead to unfair income or access differences
14. the satisfaction a consumer gains from consuming a good or service
16. contamination of water, or land that harms the environment
18. a market situation with one dominant seller