Across
- 3. when the free market does not allocate resources efficiently
- 5. the responsiveness of demand to a change in price
- 6. the point where the supply and demand curve intersect is known as...
- 8. when the government directly intervenes to deal with externalities (e.g. adding a subsidy)
- 11. the next best alternative forgone
Down
- 1. limited resources
- 2. the responsiveness of supply to a change in price
- 4. resources that are supplied at zero cost because there are more than enough available to satisfy demand
- 7. a good that has a positive "spill over" effect on others
- 9. a good that is non rivalrous and not excludable
- 10. the positive or negative effects to others of consumption or production