Economics 101 Crossword

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Across
  1. 3. an allocation of resources that maximizes total surplus
  2. 5. the trade of a good or service without a commonly accepted medium of exchange
  3. 7. taxes levied on imported goods and services
  4. 8. two goods that are used together; when the price of a complementary good rises, the demand for the related good goes down
  5. 10. (1) the fairness of the distribution of benefits within the society; (2) the part of an asset that an individual owns. In the case of a house, equity is the part of the selling price that the individual gets to keep after paying off the balance of his or her mortgage
  6. 12. the market-determined opportunity cost of a good or service; the key determinant of how market economies allocate goods and services
  7. 13. factors that motivate a person to act or exert effort
  8. 14. the resources (labor, land, and capital) used in the production process
  9. 16. a currency's increase in value relative to other currencies
  10. 18. the production the firm creates
  11. 19. a group of firms that sell similar products or services
  12. 20. information conveyed by profits and losses about the profitability of various markets
  13. 21. the lowest hourly wage rate that firms may legally pay their workers
  14. 23. a condition existing when a single company supplies the entire market for a particular good or service
  15. 24. behavior occurring when a foreign supplier sells a good below the price it charges in its home country
  16. 25. the result of total revenue being less than total cost
Down
  1. 1. a system that brings buyers and sellers together to exchange goods and services
  2. 2. a condition existing when a small number of firms sell a differentiated product in a market with high barriers to entry
  3. 4. a person who conceives and starts a business
  4. 6. the ability of one producer to make more than another producer with the same quantity of resources
  5. 9. an attempt to set prices through government involvement in the market
  6. 11. behavior occurring when resources are used to secure monopoly rights through the political process
  7. 15. the sum of consumer surplus and producer surplus; also known as social welfare
  8. 17. a condition occurring at the point where the demand curve and the supply curve intersect
  9. 22. the study of how people allocate their limited resources to satisfy their nearly unlimited wants