Across
- 3. (efficiency) A situation where it is impossible to make any one individual better off without making at least one individual worse off.
- 5. A market structure characterized by a few large firms dominating the industry, often producing similar or identical products, leading to interdependence among firms.
- 6. The income generated from the sale of goods or services, calculated as the price multiplied by the quantity sold.
- 8. A side effect or consequence of an economic activity that affects other parties without being reflected in the cost or price of the goods or services involved.
- 9. The satisfaction or pleasure derived from consuming goods or services.
Down
- 1. Equity relates to the fairness and impartiality in the distribution of resources and opportunities among individuals and groups in society.
- 2. The next best alternative given up when a choice is made. It reflects the cost of the foregone opportunity.
- 4. A situation where the quantity demanded exceeds the quantity supplied at a given price, leading to excess demand.
- 7. A measure of the responsiveness of quantity demanded or supplied to a change in price, income, or other factors.