Across
- 1. one producer's ability to make more than another producer with the same quantity of resources
- 4. a single seller supplies the entire market for a good or service
- 5. illegal markets that arise when price controls are in place
- 6. growth in the overall level of prices in the economy
- 11. attempt to set prices through government involvement in the market
- 12. lowest hourly wage rate that firms may legally pay their workers
- 13. voluntary exchange of goods and services betw. two or more parties
- 15. payment made by the government to encourage the consumption or production of a good or service
- 16. when overall prices fall
- 20. when a worker who is not currently employed searches for a job without success
- 21. the highest valued alternative that must be sacrificed to get something else
- 22. how easily something can be spent
- 26. a number of firms are small and there are high barriers to enter
- 28. the purchase of final goods and services by households, excluding new housing
- 29. restrictions that make it difficult for new firms to enter the market
- 32. when quantity supplied exceeds the quantity demanded
- 33. another word for "other things being equal"
- 36. a model that shows the combinations of outputs a society can produce if all its resources are being used efficiently
- 39. people in the market only partially adjust to market conditions
- 41. no control over price set by market; accepts price determined from overall supply and demand conditions
- 44. convey info about the profitability of the market
- 45. the good or service a firm produces
- 48. ceterus paribus, quantity demanded falls when price rises and vice versa
- 51. goods and services produced abroad but purchased and used domestically
- 52. legally established maximum price for a good or service
- 55. limiting one's work to a particular area
- 56. many buyers and sellers; each has a small impact on the market price & output
- 57. decrease in economic activity caused by market distortions. Fewer trades = reduction of combined consumer and producer surplus
- 58. the opportunity cost of using resources already owned for one purpose rather than another
Down
- 2. calculated by subtracting both the implicit and explicit costs from total revenue
- 3. the way firms in a particular market are interconnected
- 7. the financial obligations a firm owes to others
- 8. portion of bank deposits that are set aside and not loaned out
- 9. contains components of both capitalist and command economies
- 10. market forces that guide resources to their highest-valued use
- 14. calculated by subtracting the explicit costs from total revenue
- 17. the opportunity cost of producing a good rises as a society produces more of it
- 18. tangible out-of-pocket expenses
- 19. when total revenue is less than total cost
- 23. ownership shares in a firm
- 24. money with no value except as a medium of exchange
- 25. items a firm owns
- 27. excess demand
- 30. two goods that are used in place of each other
- 31. goods and services produced domestically but purchased and used abroad
- 34. fairness of distribution of benefits among members of a society
- 35. when total revenue is higher than total cost
- 37. people in the market can fully adjust to market conditions
- 38. equals the buyer's willingness to pay minus the price actually paid
- 40. the increase in cost from producing one additional unit of output
- 42. legally established minimum price for a good or service
- 43. total cost of producing a particular amount of output, divided by the amount of output
- 46. ceterus paribus, quantity supplied of a good rises when price of the good rises and vice versa
- 47. private spending on the tools, plant, and equipment used to produce future output
- 49. factors that motivate a person to act or exert effort
- 50. has some control over the price it charges
- 53. a cash payment to stockholders for each share of stock owned
- 54. the inherently limited nature of society's resources