Across
- 5. good/service that is non excludable and non rivalrous
- 6. state in which market supply and demand balance each other
- 8. customers are very reactive to price changes
- 9. central government dictates the level of production of goods and controls their distribution and prices
- 10. part of the economy that is run by individuals and companies for profit and is not state controlled
Down
- 1. controlled distribution of scarce resources, goods, services
- 2. one of the factors of production
- 3. the next best alternative forgone
- 4. condition where the quantity demanded is greater than the quantity supplied at the market price
- 7. The responsiveness of demand to a change in price