Economics Semester 1 Crossword

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Across
  1. 1. Demand that is highly responsive to price changes
  2. 4. Maximum legal price set by government
  3. 6. A cost or benefit affecting third parties not in the transaction
  4. 7. When demand exceeds supply at a given price
  5. 10. Increase in the productive capacity of an economy
  6. 14. The fundamental economic problem of unlimited wants but limited resources
  7. 15. When resources produce goods most desired by society
  8. 16. Government payment to encourage production
  9. 17. Breaking production into smaller tasks done by different workers
  10. 19. Situation where people willing to work cannot find jobs
  11. 21. Total demand for goods and services in the economy
  12. 22. Total value of goods and services produced in an economy
  13. 24. Goods underconsumed in a free market but beneficial to society
  14. 27. When workers or firms concentrate on a specific task
  15. 29. The value of the next best alternative forgone
  16. 32. An external benefit such as education
  17. 34. Achieving maximum output from given resources
  18. 35. Demand that is not very responsive to price changes
  19. 36. Minimum legal price set by government
  20. 37. Goods that are non rival and non excludable
  21. 39. A curve showing maximum possible output combinations of two goods
  22. 40. Goods consumed together such as petrol and cars
Down
  1. 2. When supply exceeds demand at a given price
  2. 3. Fluctuations in economic activity over time
  3. 5. Total output firms are willing to produce at different prices
  4. 8. The price where quantity demanded equals quantity supplied
  5. 9. Abbreviation for price elasticity of demand
  6. 11. The need to select between alternatives because resources are limited
  7. 12. Government policy using taxation and spending
  8. 13. Goods that can replace each other in consumption
  9. 18. An external cost such as pollution
  10. 20. The cost of borrowing money
  11. 23. Production at the lowest possible cost
  12. 25. Measure of responsiveness to a change in price or income
  13. 26. The quantity producers are willing and able to sell
  14. 28. Central bank policy controlling money supply and interest rates
  15. 30. When the free market fails to allocate resources efficiently
  16. 31. Sustained increase in the general price level
  17. 33. Government charge imposed to reduce consumption
  18. 38. The quantity consumers are willing and able to buy