Across
- 3. A phrase that refers to the trade off that nations face when choosing to produce less or more military or consumer goods
- 7. maximum price
- 8. Good used in place of another
- 9. The cost/value of what you passed up, the next best thing
- 13. A product consumers demand more of as income increases
- 14. minimum price
- 15. The study of how people chose to spend their resources
Down
- 1. Expectations about future demands for goods today
- 2. "All other things held constant."
- 4. quantity supply = quantity demand
- 5. The decision to sacrifice one thing for another
- 6. A product consumers demand less of as income increases
- 10. Seven different ranges of income and how much they get taxed
- 11. A market dominated by a single seller
- 12. A market structure in which a few large firms dominate the market
- 16. Two goods used together