A Economics 1

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Across
  1. 1. Competition A market structure characterized by a large number of small firms, homogeneous products, and no barriers to entry or exit.
  2. 3. Selection A situation where one party in a transaction has more or better information than the other party, often leading to market inefficiencies.
  3. 5. Goods Goods that are non-excludable and non-rivalrous, meaning they are available to all and one person’s use does not reduce availability for others.
  4. 7. Market The market in which workers compete for jobs and employers compete for workers.
  5. 10. Policy Government policy related to taxing and spending, used to influence the economy.
  6. 11. Laws and regulations designed to promote competition and prevent monopolies or other anticompetitive practices.
  7. 12. A situation where one good can replace another due to changes in price or preferences.
  8. 14. Failure A situation where the allocation of goods and services by a free market is not efficient, often justifying government intervention.
  9. 16. Cost The cost of the next best alternative that must be given up when making a decision.
  10. 18. A tax imposed on imported goods to protect domestic industries or generate government revenue.
  11. 19. The measure of how much the quantity demanded or supplied of a good responds to changes in price.
  12. 20. A market structure where a single seller controls the entire supply of a good or service with no close substitutes.
Down
  1. 2. A significant decline in economic activity that lasts for months or even years.
  2. 4. The point where supply equals demand for a product, resulting in no incentive for price change.
  3. 6. A general increase in the prices of goods and services, eroding purchasing power.
  4. 8. An economic system where the means of production and distribution are privately owned and operated for profit.
  5. 9. Utility The additional satisfaction or benefit derived from consuming one more unit of a good or service.
  6. 13. A situation where having more of one thing necessarily means having less of another.
  7. 15. A side effect or consequence of an economic activity that affects other parties who did not choose to be involved in that particular activity.
  8. 17. Returns The principle that as the quantity of one input increases, holding other inputs constant, the additional output produced will eventually decrease.