Across
- 4. a buyer and seller exchange goods or services for money or other goods or services
- 5. losses associated with quantities of output that are greater than or less than the efficient level
- 8. someone can consume a good but as a result others cant
- 11. a taxpayer pays higher taxes if they earn more income and lower taxes if they earns less
Down
- 1. a good that is both excludable (can prevent people from buying) and rival (can only be possessed or consumed by a single user) in consumption
- 2. determining how a resource or economic good is used and owned
- 3. external cost or benefit that is placed on members of society who did not participate in market transaction
- 6. a tax placed only on specific goods being imported into a country
- 7. it is costly or impossible for one user to exclude others from using a good
- 9. networks of relationships between people in society that allows the society to function effectively
- 10. the public good is funded by a proportional income tax