Across
- 4. Goods or services that are used together because the use of one enhances the use of the other
- 7. A situation in which one firm produces all of the output in a market
- 8. A free _____ is someone who wants others to pay for a public good but plans to use the good themselves.
- 11. The long-run process of firms reducing production and shutting down in response to industry losses
- 14. An economics concept that measures responsiveness of one variable to changes in another variable
- 16. ________ goods are goods/services that a consumer can obtain for free because they are abundant relative to the demand
- 20. A government rule that gives the inventor the exclusive legal right to make, use, or sell the invention for a limited time
- 23. Also referred to as human capital.
- 24. __________ goods are a good that no one is excluded from using
- 25. Consumer ___________ is the combination of goods and services that will maximize an individual’s total utility.
- 28. ______ costs are the costs of production plus the external costs that are passed on to society
- 32. A _____ monopoly is protected by law from competition.
- 33. _____________ study of the trade-offs and choices that we make, given the fact of scarcity.
- 34. Good or service whose demand decreases when a consumer’s income increases and demand increases when income decreases
- 35. Income from selling a firm’s product
- 37. A branch of economics that focuses on the actions of individual agents within the economy, like households, workers, and businesses,
- 40. The term economists use to describe the satisfaction or happiness a person gets from consuming a good or service.
- 43. Where price and quantity combination where supply equals demand
- 44. Assumption of ____________________ (aka theory of rational behavior)
- 45. When workers or firms focus on particular tasks for which they are well suited within the overall production process
- 48. The long-run process of firms entering an industry in response to industry profits
- 49. __________ returns to scale means expanding all inputs proportionately does not change the average cost of production
- 50. Refers to the legal right of the owner of intellectual property.
Down
- 1. ________ goods are a good that does not get used up, meaning that if one person uses the public good, another can also use it.
- 2. The process of combining inputs to produce outputs
- 3. A market in which there is a large number of buyers and sellers, so that no one can control the market price
- 5. The ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk.
- 6. An identifying symbol or name for a particular good
- 9. A market exchange that affects a third party who is outside or “external” to the exchange
- 10. ___________ constraint are all possible consumption combinations of goods that someone can afford, given the prices of goods, when all income is spent.
- 12. A legal minimum price for a product is a price __________.
- 13. A branch of economics that looks at the economy as a whole.
- 15. A diagram that shows the productively efficient combinations of two products that an economy can produce given the resources it has available
- 17. A ___________ slope is when x increases, y decreases, and when x decreases, y increases.
- 18. The benefits obtained by consumers from purchasing additional units of some product
- 19. _________ costs that are made in the past and cannot be recovered.
- 21. Situation where the quantity demanded in a market is greater than the quantity supplied.
- 22. A market structure with a small number of firms, none of which can keep the others from having significant influence.
- 26. What a buyer pays for a unit of the specific good or service
- 27. ______ costs are the costs of production plus the external costs that are passed on to society
- 29. Something that would be nice to have, but it’s not absolutely necessary.
- 30. The change in the vertical axis divided by the change in the horizontal axis.
- 31. ___________ economy is where economic decisions are passed down from government authority and where resources are owned by the government
- 36. _______ costs are an opportunity cost of resources already owned by the firm and used in business.
- 38. A legal maximum price for a product is called a price ____________.
- 39. Goods or services that can be used in place of one another
- 41. _________ effect is when a firm gets so large that it operates inefficiently, experiencing diseconomies of scale.
- 42. _____________ efficiency is when the mix of goods being produced represents the mix that society most desires.
- 45. Means that there are never enough resources to satisfy all human wants.
- 46. ________ costs are the out-of-pocket costs for a firm
- 47. If the price is below this point, the firm should shut down immediately