Cartoon Economics Weeks 1-13

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Across
  1. 2. When demand exceeds supply at a given price
  2. 4. Relationship where an increase in one leads to an decrease in the other
  3. 5. Desire / ability to buy at a particular price
  4. 6. Economist known for efficiency where no party can improve without making another worse
  5. 9. Most common dilemma in game theory; example of mutually destructive behavior
  6. 11. Interest earned on interest from prior years
  7. 12. Value determined based on something other than personal preferences or individual situation
  8. 13. An expense already incurred that cannot be undone (two words)
  9. 15. Employees are this type of resource
  10. 16. Represents equilibrium point of supply and demand curves
  11. 18. Economist known claiming trade is unstoppable (unless there are barriers!)
  12. 21. When goods are used and distributed in the best / optimal way.
  13. 22. Type of value based on something other than being called "valuable"; ex. gold
  14. 23. Latin for "All other things equal" (two words)
  15. 27. In game theory, the best strategy no matter what other party chooses
  16. 29. Another name for a descending auction
  17. 30. Money paid to borrow money; represents time value of money
Down
  1. 1. In game theory, one player's actions depend on another's actions
  2. 3. Seller / provider of goods or services
  3. 7. Market with only one BUYER
  4. 8. Method where goods sold to highest bidder
  5. 10. Study of how individuals make decisions and allocate resources
  6. 14. Type of market with many buyers and sellers, each with no ability to control price
  7. 15. "Law" emphasizing that the average of many MANY rounds of a game is likely to yield the expected value (two words)
  8. 17. Type of auction exemplified by silent auction
  9. 19. Concept - "By pursuing his own interest, he promotes the interest of others" (two words)
  10. 20. Way economists measure risk; expressed as "standard deviations"
  11. 24. Satisfaction a person gets from using a good or service
  12. 25. "Tragedy" where best strategies for each lead to an inefficient outcome for all
  13. 26. Type of economy epitomized by China and North Korea
  14. 28. Cost spent on making one additional (unit)